Can Buyers Still Get A Mortgage? A resounding YES!!
Numerous types of mortgages are available, and to name a few:
· FHA owner occupied purchase 30 & 15 year fixed, and 1,3 or 5 Yr ARMS – only 3% down payment needed until January 2009 (new DPA will be 3.5% 1/1/09)
· FHA – 203k remodel or renovation loans - 3% down - owner occupied
· FHA – reverse mortgages available
· VA – 100% financing - owner occupied 15,30 year fixed, and 1,3 or 5 yr ARMS – single family residence
· Conventional purchase loans as low as 5% down owner occupied to $417,000 single family residence (numerous fixed and ARM products)
· Conventional refinance loans (rate & term) to 90% loan to value to $417,000 owner occupied single family residence (numerous fixed and ARM products
· Conventional cash out refinance loans – single family residence, owner occupied to 90% loan to value
· Conventional second home purchases – single family residence to 90% loan to value
· Conventional Investment properties purchase 80% loan to value or 85% combined loan to value – single family residence, numerous fixed and ARM products
· Conventional Jumbo loans greater than $417,000– owner occupied – single family residences from as low as 90% loan to value – fixed and ARM products available
· Rural Housing Development loans to 100% loan to value (owner occupied only)
Additional programs available.
Note: Adjustments may apply to the note rates, down payment requirements, and pricing, based on property type, borrower’s credit scores and overall assets and credit profile.
If you have any questions, please give me a call!