Zero Down Loans - Almost a thing of the past

Coming up with the necessary down payment for a home loan can be a big hurdle for many would-be home buyers. Fortunately, there are options available including loans that require no money down. These loans generally carry a higher interest rate, but even so, these loans can be very affordable when you factor in today's overall rates.

No Income Verification Loans - Don't sign blank documents

For self-employed buyers and others who have a difficult time documenting income history, this loan may be for you. Programs exist for up to 90% financing. These loans carry a slightly higher interest rate, but generally speaking, the more information you can document, the lower the interest rate. There are certain liquidity requirements typically associated with this type of program. Even so, it is one of the easiest programs for many buyers today!  This is an easy way to commit loan fraud.  Do not allow someone else to fill in the blanks to make it work.

FHA and VA Loans

The Federal Housing Administration (FHA), offers loans for low-to-moderate-income home buyers. FHA loans have low down-payments, which typically run around 3 percent, and have relatively easy requirements. FHA mortgages have no income restrictions and even those with lower credit scores may be considered. Past bankruptcy does not necessarily disqualify borrowers from using this program!

In addition, the Department of Veterans Affairs (VA) offers a zero-down mortgage program. To take advantage of this program, borrowers need to be among those listed as veterans and service personnel in the U.S. military. One of the biggest benefits of this program is that it eliminates the need for private mortgage insurance!

Adjustable Rate Loans - RUN...These are one reason we are having so many foreclosures!

With a fixed-rate mortgage, the interest rate stays the same for the life of the loan. But with an Adjustable Rate Mortgage (ARM), the interest rate changes periodically, and is typically tied to an index, and payments go up or down accordingly. Generally speaking, lenders charge a lower initial interest rate for the ARM than for the fixed rate mortgage. If you are expecting interest rates to decrease in the future, or if you are trying to maximize your purchase power today knowing your income will rise in the future, then this loan may be right for you. Also used when you only expect to be in the home a short time.

Find The Ideal Loan for YOU!

Let us help you find the program that's right for you. Click here and get started today!

 

Many time people will do whatever it takes to buy a home.  They try time and time again to get qualified to purchase any home without success.  Many times, the last option is to turn to the Internet for ANYONE to make them a loan.  Remember, you are providing personal information to someone that could be used by a scam artist trying to steal your identity.  Before you complete that application remember a few things.  Local lenders are local.  If a problem arises, you can visit their office.

 

Several times, clients have demanded we allow them to use their Internet lender.  Many times we have.  Now, we are changing to prevent additional disappointment.  We are skilled professionals that have chosen not to work with these lenders.  They have not and will not play with morals and ethics consistently.  We have had the terms of the loan changed at the closing table.  This is called PREDATORY LENDING.  These lenders charge very high fees and the government is cracking down and putting them out of business.

 

One of their favorite ploys is to tell the Realtor and Buyer that it will only take a few more days.  Days turn into weeks.  My favorite w