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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.