Are you looking to purchase or refinance? (Non Reverse Mortgage Info)
Interest rates are quite good for the first time home buyer!
If you're looking to buy a home, you need to get pre-qualified. Your loan officer will need certain income documents to pre-qualify you to buy a home. If you are a current homeowner and want to refinance to a lower interest rate or a shorter term, now is the time! Let an experienced loan officer help you find the right program for your needs! If you are thinking of a renovation loan, we can help you get started.
Whatever your age, you can save time and energy by having a mortgage specialist work for you. If you are a first time home buyer, a pre-qualification letter than your realtor can present to the seller will offer you an advantage. It lets the seller know you are serious and are pre-qualified for a certain loan amount.
Remember: You can speak with the biggest and best lenders, but it's important to find someone who has a desire to help you achieve your goals. An experienced loan officer has the expertise to review several mortgage programs and get you the best rate possible. Your prime objective should be finding a professional that has the expertise to get the job done and who is easy to work with. If your credit has been tainted, don't despair. We might have the perfect program for you. Right now, FHA loans are working well for new home borrowers along with other loan programs.
What is a conventional mortgage?
A conventional loan is a mortgage that is not guaranteed or insured by any government agency such as the Federal Housing Administration (FHA) or the Farmers Home Administration (FHA) or the Department of Veterans Affairs (VA). Conventional mortgages can be riskier for lenders as they are not backed by the federal government and can be harder to obtain.
What is an FHA mortgage?
With an FHA loan, the Federal Housing Administration insures the mortgage. The FHA is an agency within the U.S. Department of Housing and Urban Development (HUD). The FHA’s backing offers lenders a layer of protection, meaning that your lender won’t experience a loss if you default on the mortgage. They will be made whole by FHA mortgage insurance. FHA loans typically come with competitive interest rates, smaller down payments, and lower closing costs than conventional loans.
If you have a credit score of 580 or higher, you could be eligible for an FHA mortgage with a down payment as low as 3.5 percent of the purchase price. If your credit score is lower than 580, you still might qualify for an FHA mortgage, but the down payment would be at least 10 percent of the purchase amount.
Click here for FHA lending limits: https://entp.hud.gov/idapp/html/hicostlook.cfm