Mortgages do not have to be scary especially if you are working with the right loan officer or bank.
Most home buyers will have to obtain a mortgage in order to purchase a property.
Currently interest rates are low and mortgage companies/lenders are offering a wide variety of loan programs for today’s real estate market.
It is always best to speak to a mortgage professional to get the best advice on mortgages and loan programs that will suit your needs.
Things You Should Know About Mortgages
- The loan limits for FHA in both Volusia and Flagler County for single family homes is 484,350.00.
- The feds cut the interest rate which is a benefit to new borrowers as they may see a lower monthly mortgage payment.
- If you are credit poor and cash rich, meaning you have a credit score of 580 with funds for a downpayment. You may qualify for a mortgage.
- There are loan programs available that you can put down less than 5%.
Tips and Advice When Trying To Obtain A Mortgage
- Do not try and obtain any other credit during the mortgage process.
- Do not buy anything on credit especially if you found your dream home.
- Do not quit your job while in the middle of buying a home.
First Time Home Buyers
- Alternative credit sources: cell phone bills, electric bills, car insurance can be used as credit.
- Gift money for down payment or closing costs should be discussed with your mortgage broker in order to be accepted by the lender. Another words a letter may be required.
- There are grants available subject to property based on city, county or state. For details contact me for more information.
I hope that you found the mortgage tips useful and if you have questions I would be happy to connect you with a mortgage professional.
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