100% Financing IS Still Available and at decent rates - fixed for thirty. This product IS available in some areas of Florida. Every time I hear some blabbering mouth from the news media talking about how 100% financing opportunities are gone I really want to reach my hands through the toob, pull out their tongue and wrap it around there head. They speak with such authority yet they know nothing.
If you are buying a home in Georgia today and you want to get it for no-money-down here is how it works.
660 middle score - very below average
Debt to income of 45% or less - very common
Full time work for last 2 years - who can't show this that wants to buy a new home?
Fully documentable income - two years of tax returns and last 30 days worth of pay stubs
Primary residence - meaning you are going to move into the house.
Guess how much the interest rate is: Ten percent? No. Nine percent? No. Eight percent? No.
The interest rate today would be 6.625 (APR 6.737) or less with standard closing costs.
People, that's a principal and interest payment of only $960.47 on a $150,000 home.
YES there is PMI - which, as you know, is tax deductible through the end of 2010.
Look, there are thousands of homes in very good condition available for purchase right now throughout the north Georgia market area. Even on a $400,000 home you can still use this same exact loan. If you credit score is over 680 you get a discount on your rate. If you can pay down 3% you can get a better rate. If you can pay down just 5% you get still a better rate.
Stop getting your mortgage and real estate information from the kids who were the biggest whiner liberals in college ... journalism majors ... and start getting it from people who know what they are talking about who touch this information all the time, every day of the year.
INTEREST RATES ARE PHENOMENALLY LOW! There are more properties available today than you can possible need to make a selection from. Heck! If you can't find what you like I have a loan that will let you pick out the wrong house in the right neighborhood and turn it into the right house for just 5% down! I mean you can add a garage, three bedrooms and a bathroom, finish a basement, install a pool, completely renovate ... AND we hold your hand because it comes with a CONSULTANT!
Now stop being afraid, call one of these fine real estate agents or Realtors© and get out there and make some offers! We can close in as little as 2 weeks if you get your act together and get us the documents we need.
Now let's go buy some houses people!
, FHASecure and FHA Home Loans, nationwide commercial hard money and small business loans, non-recourse loans for real estate investors.
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