A change was recently announced to provide better pricing for Conventional Loans for eligible first-time home buyers using Fannie Mae’s HomeReady loan program.
The program was already a tremendous option not only for first time home buyers, but also prior homeowners make below a certain income level.
Now, for first time homebuyers who make up to $88,800 per year in Arizona and non-first-time home buyers who make up to $71,040, there are no loan level price adjustments.
What is a loan level price adjustment? They are factors that increase the interest rate for everything from a less than perfect credit score (less than 740), to a less than 40% down payment.
In certain scenarios, this can drastically decrease the interest rate and cost of a loan for a first-time buyer and affords potential homebuyers with the best pricing available for conventional loans.
As always, to see if you qualify for this program and many other buyer programs, we have available, please touch base anytime.
For more information on current home loan programs and options for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 703-5844 or by emailing: bill@strategicmtgaz.com or online at www.strategicmtgaz.com
Strategic Mortgage, LLC - NMLS#158804- Equal Housing Lender – AZBK#0909514
Vasilios Bill Kamboukos Jr – NMLS#160440
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