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Did you know that a 1/2% change in interest rates is equal to a 5% change in the sales price of a home? That means the recent dramatic drop in interest rates is equal to at least a 10% reduction in home sales prices.
Our local banks and credit unions maintained their conservative lending and investment patterns during the housing boom. They are positioned to offer qualified, credit-worthy borrowers a variety of loan options at extremely attractive interest rates with local application, processing, approval and servicing.
Economic stimulus:
10% of home cost, up to $8,000
First-time homebuyers and 3 year non-owners
No repayment if 3 year occupancy
FHA loans: 3.5% cash investment can be a gift or grant, fixed and adjustable rate plans
VA loans: Zero cash investment, no minimum credit score requirement
Special: Relaxed qualifying standards for firefighters, teachers, law enforcement officers
Credit Score Accuracy
Most lenders use a credit score designed by Fair Isaac Corporation (FICO). A score below 620 is generally considered sub-prime, 620 to 650 is good and above 720 is seen as excellent credit. But there are no set numerical guarantees, and the final decision lies with the lender who consider other factors such as:
Payment History
Credit Balance
New Credit
Credit History Term
Avoid Mortgage Fraud
Becoming a homeowner is one of the most exciting moments in a family’s life-time. One of the most important things is getting an affordable home loan with fair terms and reasonable costs. According to Fannie Mae, mortgage fraud has increased five-fold in the past 10 years. Learn the warning signs of a predatory loan. Ask for our free brochure.
303 Wolf Den Cir
