As both a licensed real estate and mortgage broker in Florida, I keep abreast of the latest trends in the marketplace which affect my dual professions and more importantly, the future real estate-related decisions of my clients.
If you are ready to buy a home, or need to refinance an Adjustable Rate Mortgage (ARM) that will soon increase your monthly payments, you’ll want to understand some of the nuances of trends in the mortgage loan industry that will greatly increase the chances of having your mortgage loan approved and getting – or financially remaining in - the home of your dreams.
1) Increased Ability To Finance Your Closing Costs
Compared to the old limit of 57%, you can now finance up to 100% of your closing costs thanks to recent changes in Federal Housing Administration (FHA) guidelines. This is very good news for the first time home buyer who typically has less cash available at the time of closing.
2) Increased FHA Limits
The FHA loan amount maximums have increased, which is particularly helpful for people living in high-cost housing markets. FHA's mortgage limit is now tied to local housing costs. The limit is now 95% of the median home price, or 75% of the Fannie Mae maximum loan amount, whichever is lower.
3) Increased Accessibility to Down Payment Assistance Programs
With the rapid increase in home prices over recent years, more people are having the dream of home ownership ripped from their hands. Typically, one had to go through a rigorous process to qualify for a down payment assistance program. Today, there are now programs which have very little hassle. Ask your mortgage broker if they have access to such options.
4) Rapid Loan Approval
One of the latest innovations in the mortgage industry is the advent of computerized loan approval. These programs provide both rapid loan approval and more uniform loan approval practices. This type of approval is done by scoring a borrower's credit worthiness, which quantifies the risk of whether they’ll default on the loan. Does your mortgage broker use such a program?
5) Affordable Mortgages That Don't Verify Income
These loans are perfect for people who are self employed, real estate investors, retired persons and anyone who doesn’t want to have to prove their income. It is essential to have a good credit score in order to qualify for a non income- verified loan.
Still have some questions? Want FREE information on buying, selling or owning your own home, including How to Buy A Home with No Money Down? Or what to do NOW to get ready Before Disaster Strikes.
www.WhiteGateRealtyTeam.com.
--Jon White, Broker-REALTOR®
White Gate Realty, Orlando, FL
www.WhiteGateRealtyTeam.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment