Yesterday I posted on Facebook a link to an article discussing that some lenders had begun to loosen their strangle hold on money. They are becoming more realistic with their lending requirements. I met with Mark Joplin of Greenpath Funding and discussed some of the loans that are currently available that potential homebuyers may not be aware of. I would like to share a sampling with you.
The Rural Home Loan offers 100% financing for homes located in rural areas, parts of Alpine, Jamul, Ramona, and other San Diego county areas qualify.
97% financing for HomePath properties, no MI (Mortgage Insurance) and no condo certs needed.
FHA 96.5% financing down to 600 Fico score up to $417,000 purchase price or down to 640 Fico for up to $697,5000 purchase price.
VA loans with 0 down and 0 closing costs
95% financing for 720 fico score for single family or 740 fico on condos
90% financing for a 500 mid fico score and using FHA up to $417,000 purchase price
90% financing on rental property, no MI, single family home using HomePath loan
85% financing up to $697,500
80% financing up to $697,500 with 620 mid score
80% financing up to $1,000,000
This is just a smapling to show you that there are many loan types available. Some with little or no down payment required. If you tried to buy a home a couple of years ago and were told you did not qualify you should see if there is now a loan available for you. You never know, you may be able to take advantage of the lower prices and good interest rates and become a home owner. Please call me if you would like more information or to see if you qualify. What are you waiting for? Are ready to be a homeowner? Give me a call to start the process.
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