See this little guy on the fence?  I bring him out when I’m going to talk about procrastination or “fence sitting” if you will . . .  If you’re still not sure if now is the time to buy, these next 6 items may help you sort it out. 

1. Did you know that mortgage rates are the lowest that they have been since the early 1960’s?

2. Did you know that an uptick of as little as one percent impacts the purchaser’s ability to borrow by twenty percent?

3. Did you know that low interest rate loans requiring a zero to five percent down payment are available to homebuyers through FHA, VA, USDA or conventional?

4. Did you know that a qualified buyer can purchase a $200K home with 3.5% down, finance closing costs and have a thousand MORE dollars in the bank when using the First Time Homebuyers Tax Credit?

5. Did you know that your Beverly-Hanks Mortgage loan originator will help your customer tailor a loan today?

6. Did you know that the only person who can take that first step in owning your own home is YOU?  Call a professional (like me) and get started!!

In today’s economic environment, a lot of buyers are concerned that if they take the “big step” and buy the home of their dreams, something might happen to their jobs.

Enter The Rainy Day Foundation Homeowner Education and Loan Protection service (HELP).  They include a Mortgage Protection Program that protects homeowners if they experience a loss of their employment.  The unemployment coverage included in the Rainy Day Foundation’s HELP service assists in keeping homeowners current on their mortgage payments each month so homeowners can minimize their financial stress while they are looking for a job.  This coverage is underwritten with an A-Excellent by A.M. Best ranking.

OVERVIEW:

* The Mortgage Protection Program will provide up to six months of mortgage payments if the borrower (or co-borrower) becomes involuntarily unemployed.

* This program provides mortgage payment coverage for the first 24 months of the loan.

* Up to six months of Mortgage Payments

* Coverage up to $1800 per month.

* Easy enrollment process

* Employed full-time (min. of 30 hours per week)

* Vesting period is 60 days.

As a Realtor, I’m so excited that this type of coverage is being offered, so much so, that I made sure to get certified in being able to offer this program to my sellers.  A Seller can offer this program as an incentive, just like offering a home warranty, to any buyer considering their home.  This may be just the edge needed for many buyers who want to buy, but are thinking about “what ifs”.  For the full details, Program Benefits and Eligibility requirements, click here.

 

Yesterday I attended our monthly office meeting at the downtown Beverly-Hanks office.  Lots of good information is always shared, but our friendly and extremely knowledgeable Beverly-Hanks Mortgage man – Cameron Lewis had some new FHA financing information that was pretty exciting.  I want to share with all of you the highlights and details of the program.  I encourage you to give me a call if you need any of this info clarified or how we can get it to work in your present situation:

• Up to 97.75% Financing. 3/1, 5/1 ARMS and 30 year fixed.
• Buncombe county Loan Limit:  $303,750
• Seller Concession: up to 6% of Purchase price
• Borrower required to put 3% of their own funds into transaction – Can be gift funds from a relative or can be the down payment gift from Seller.

Advantage to Borrower

• Purchases:  100% Financing with seller assisted down payment
• Refinances:  Cash-out up to 95% LTV (loan to value), 97% LTV when consolidating 1st and 2nd mortgages.
• No credit is OK – Non Traditional Credit: leases, utility bills may be used as a substitute for credit.
• Non-Occupant Co-Borrowers accepted: Borrower does not need to “reasonably qualify” on their own.
• Can approve with lower credit scores: typically as low as the 550 range – typically collections are not required to be paid to qualify.
• Great rates and low morgage insurance.  No rate bumps for credit scores under 720.
• Doublewides/Manufactured/Condos/Multi-Family up to 4 units.
• Not necessary to be a US Citizen or be a Resident Alien: work permit is acceptable.

Just when getting a home loan was looking a bit bleak the FHA comes to the rescue!  If you’ve gotten bad news in the past on getting a home loan, this may be the perfect avenue for you to get in a home.  One last bit of info on FHA, they do not discriminate based on credit score!!  The market couldn’t be better for buyers – What are you waiting for?