We all know that credit guidelines to purchase real estate have become much more difficult in the last year or so. However, there is still credit available at all price points- we know this to be true because we are working with home buyers in all segments of the real estate market.
A common homebuyer complaint is about the difficulty in obtaining a loan to purchase a home priced at over $500,000. With an average home price of around $800,000 in Milton, GA, this can be particularly frustrating.
Tricia Elliott, of The Real Estate Mortgage Network, has a Jumbo Loan program with terrific rates, currently 4.25% for a 5/1 ARM and 4.75% for a 7/1 ARM. What's a Jumbo Loan? A Jumbo Loan is required when purchasing a home with a loan amount over $417,000- this cap is set by Fannie Mae and Freddie Mac. While a 25% down payment is required for this loan program, credit guidelines are pretty standard with no unreasonable hoops to jump thru.