No Downpayment Required -- 100% Financing (only program in today's market that offers this benefit) A 4% Seller Concession is allowed, to pay for certain closing costs (less out of pocket funds required at closing) No PMI (Private Mortgage Insurance) -- although an upfront funding fee is required and can be financed or paid by the seller concession Interest rates similar to FHA rates (yesterday's rates were under 5.50%!) Prospective … (0 comments)
mortgage: Get Pre-Approved before House Hunting
- 06/29/09 05:50 AM
It is very important that you get pre-approved before beginning your search for your new home. This statement holds true always, but is especially important in today's credit tightened mortgage market. I spoke with a prospective customer the other day who had found a home that he wanted to purchase with his wife. They have always rented and were tired of not building equity and throwing their money away renting. This makes sense. He called me and, after speaking with him and taking an application it sounded like there would be no issues. Well, after pulling his credit I had to … (1 comments)
mortgage: $8000 Tax Credit for First Time Homebuyers
- 06/18/09 02:50 AM
There's been a lot of talk about the $8000 Tax Credit for First Time Homebuyers. This is a terrific incentive and actually isn't only for First Time Homebuyers. You just can't have owned a home in the last 3 years. The credit can be claimed on 2008 or 2009 tax returns. Homebuyers who get a loan backed by the Federal Housing Administration can use the money to cover closing costs and other fees.There are some creative tax planning strategies that the buyer can employ as well.
The tax credit, for home purchases made through end of November, comes … (0 comments)
mortgage: FHA is not only for low credit score borrowers
- 06/02/09 05:28 AM
I'm currently doing a mortgage for a first time homebuyer who's buying her first home. She has extremely high credit scores (all 3 scores are over 800) and very little debt. She has a good paying, steady job (as much as a job can be steady in today's economic environment!) and has plenty of cash reserves. I'm still putting her in an FHA loan because 20% down would deplete her savings and the interest rate is still very competitive with conforming. She only has to put down 3.5%! Save the rest of what would have been used for the downpayment to … (0 comments)
mortgage: IS NOW THE RIGHT TIME BUY YOUR NEW HOME?
- 08/07/08 06:52 AM
The simple answer to my question is YES. It makes sense that people who need to sell their existing house before purchasing a new one are stymied by current market conditions. BUT, this is a great time to be a First Time Homebuyer or renter looking to own again. From all accounts, real estate prices in our area are near bottom. Mortgage rates remain low, at least by historical standards, and it's a buyers market. What more could you ask for? All you need to do is get yourself pre-qualified by a mortgage broker, which basically gives you the clout of … (4 comments)
mortgage: You Can Still Qualify for a Mortgage!
- 08/06/08 07:41 AM
It's been sometime since I last "blogged". I've gone through some serious personal issues with my Dad. I am going to do my best to provide new posts at least on a weekly basis going forward.Since my last post, the mortgage and credit markets have continued to tighten, the economy has worsened (in my opinion), gas prices have sky-rocketed, mortgage rates have risen, and banks have frozen existing lines of credit due to the declining real estate values. It's been quite a year!There is good news, though! PEOPLE CAN STILL QUALIFY FOR A MORTGAGE!That's right! Customers with decent credit can still … (0 comments)
My blogs will contain mortgage-related information, based on my experience, that will hopefully be helpful to anyone looking to purchase a new home or refinance their existing mortgage.
If you're a retired veteran or active military, you are eligible for the best mortgage program on the market today! A VA Loan. Benefits of a VA Loan are:
;)
;)
