Just FYI this is VERY IMPORTANT> Effective on all FHA case numbers ordered 04/03/2011 forward the new mortgage insurance premium monthly will be increased from .90 to .115. This is a GREAT reason to get moving on buying a new home or making sure your house if priced correctly if you are a homeseller and be ready to go prior to 04/03/2011. The loan does not have to be closed prior to this date but the appraisal needs to be ordered prior to this date so we can get an FHA case number assigned.
Contact The Romanski Group with Keller Williams Realty Lafayette if you have any questions. We hate to see this increase! Now might be the time to check out the 97% conventional loans as well. Please contact us at 765-532-6148 or 765-404-5095 to get started looking for your new home in Lafayette, West Lafayette and surrounding communities today! Check out our latest listings at www.RomanskiGroup.com!
Showing posts with label first time homebuyers. Show all posts
Showing posts with label first time homebuyers. Show all posts
Tuesday, February 15, 2011
Monday, October 13, 2008
Lafayette Indiana Real Estate - Adorable home for sale on Ridgeway
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Central A/C
Monday, May 5, 2008
Overcoming the misconceptions about the "credit crisis"
You’ve watched the news and read about it in the papers. You know, the “credit crisis” and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren’t making loans anyway. So, why bother, right? Wrong!
We’re right smack in the middle of what just might be the biggest disservice ever perpetrated on potential home buyers. It seems the press just can’t get enough of all the gloom and doom in the housing industry. The fact is that mortgage money is as available today as it was a year ago and loans are being made this very moment with little or no money down. And, no, platinum credit isn’t required. You just need to know where to look. Who are these lenders? They’re right down the street.
Federal Housing Administration (FHA) loans are exploding onto the mortgage scene; recent estimates are that one out of five mortgages are FHA loans. FHA loans never went away, their reemergence is a result of the collapse of the sub-prime market. FHA doesn’t technically have a minimum credit score, although, in practice, lenders won’t approve an FHA loan with a credit score below 500. But that’s a far cry from the notion that an 800 score is the only thing lenders care about.
The best part? FHA only requires 3 percent down. 3 percent. And that 3 percent can come in the form of a gift or grant. FHA borrowers only need to have $500 in a transaction. All the while, FHA mortgage rates are as good or better than their conventional counterparts.
Low or no down payment, extremely competitive rates and easier qualifying. No wonder FHA is moving up the charts!
Please contact me if you would like more information about FHA loans or help getting into your first home.
We’re right smack in the middle of what just might be the biggest disservice ever perpetrated on potential home buyers. It seems the press just can’t get enough of all the gloom and doom in the housing industry. The fact is that mortgage money is as available today as it was a year ago and loans are being made this very moment with little or no money down. And, no, platinum credit isn’t required. You just need to know where to look. Who are these lenders? They’re right down the street.
Federal Housing Administration (FHA) loans are exploding onto the mortgage scene; recent estimates are that one out of five mortgages are FHA loans. FHA loans never went away, their reemergence is a result of the collapse of the sub-prime market. FHA doesn’t technically have a minimum credit score, although, in practice, lenders won’t approve an FHA loan with a credit score below 500. But that’s a far cry from the notion that an 800 score is the only thing lenders care about.
The best part? FHA only requires 3 percent down. 3 percent. And that 3 percent can come in the form of a gift or grant. FHA borrowers only need to have $500 in a transaction. All the while, FHA mortgage rates are as good or better than their conventional counterparts.
Low or no down payment, extremely competitive rates and easier qualifying. No wonder FHA is moving up the charts!
Please contact me if you would like more information about FHA loans or help getting into your first home.
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