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Mortgage Money is still readily available!
YES, Mortgage money is still available! The liquidity of mortgage money is not a crisis, and people looking to finance a home are able to do so!
I just wanted to inform you that it is BUSINESS AS USUAL around here. We are still doing lots and lots of loans. Even if you do not have a 720 fico and 20% to put down!
- FHA 3% down with up to 6% seller paid closing costs. $406,250 is the new loan limit
- CHAFA works to get that particular buyer to 100% financing! Call me for information on the income limits- It’s higher than you may think
- FHA 203K streamline loans- finance up to $35,000 in repairs or improvements into the loan
- Investor loans need 20% down these days- put an extra 5% down and improve your interest rate significantly
Please feel free to ask questions in the comment section, as the Q&A will help many readers!
Editor’s Note:
I have received many questions over the past couple of weeks in regard to the availability of Mortgage money, and the effect on the real estate business. Mortgage money is still flowing, but the availability of local banks to lend has tightened considerably. The effect has been Home Equity Lines of Credit (HELOC), Fix and Flip Loans, Construction Loans etc. are a bit tougher to come by.
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Bob, the mortgage crisis on my end seems to only affect those who can’t really afford to buy a home anyway. FHA is a great loan program with incredibly low rates right now.
Anyone who has been waiting for opportunity to knock…it is time to go answer the door. We are within .25% of the lowest rates in 40 years (previous low was reached in June of 2003). That combined with the dip in prices makes the decision to buy a house pretty easy right now.
Its important that you put that message out there for people to know that the world hasn’t stop spinning. The financial crisis is real so the market is sick but for sure is not dead and I’m positive that it will recover sooner than the majority think.
Submit Real Estate Articless last blog post..Property in Florida for Under 80 000
Mortgage money is out there, and at GREAT rates. Thanks for your comment.
Hey Bob, it’s exciting to see that the lenders are still providing great loans. You would think with everything that has been in the mainstream media lately that nobody would have anything left to lend! Thanks for keeping us informed!
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