fha: Low Down Payment Mortgage Options
- 09/29/15 04:21 AM
Saving up money for a large down payment on your mortgage is no longer the norm. Most homeowners and first time home buyers in Florida use the FHA mortgage loan that only requires 3.5% down but there are also conventional loans that compete with FHA. It is a myth that you have to put down a large down payment to get the best interest rate. The interest rate on an FHA loan will be the same regardless of your down payment. First time homebuyers can now also use Fannie Mae’s “My Community” mortgage and Freddie Mac’s “Home Possible” mortgage with down payment … (1 comments)
fha: My Community Mortgage for New Purchases in Tampa
- 03/06/15 12:29 AM
Fannie Mae now offers the My Community Mortgage. The program has been rolled out as an affordable financing option to serve low to moderate income borrowers. The program is for first time home buyers. Fannie Mae defines first time home buyers as anyone who has not owned a home in the last 3 years. The program has reduced mortgage insurance and is a great alternative to FHA. Here are some highlights 3% Down - Can be all gift funds Must meet income requirements First time home buyers Must complete home buyer conseling Credit Scores as low as 620 Much lower mortgage insurance … (1 comments)
Our FHA 203(k) Renovation Program (FULL and STREAMLINE) allows for a qualified owner-occupied buyer to purchase or refinance a 1-4 family home in “As-Is” condition. The program lends purchase money and repair money in one mortgage, allowing a buyer to close “As-Is”. The repairs are then completed after closing.
· As Bank Owned Properties, Short Sales Properties and Distressed Properties are over 80% of the market, the program is the fastest growing mortgage product in the country! Many sellers do not have funds to repair or maintain the homes they are selling (Roof, HVAC, Plumbing, Electrical, … (1 comments)
Saving up money for a large down payment on your mortgage is no longer the norm. Most homeowners and first time home buyers in Florida use the FHA mortgage loan that only requires 3.5% down but there are also conventional loans that compete with FHA.
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