Mary Shakeshaft

12/11/2009  HAVE YOU HEARD ABOUT a 203k—an FHA loan that enables home buyers to purchase and renovate properties?  Together with home improvement retailer such as Lowe’s or Home Depot, some much-needed hope and opportunity for would-be home buyers is available.  Not all lenders are versed in these programs, so if you are interested in buying a property and doing renovations and closing with ONE loan to get it done, I would be happy to pass along the name of someone in the mortgage industry that specializes in this sort of program. 

 

Feb 19, 2010.   Fed raised rates to banks by .25% yesterday. Mortgage rates reacted however rates are still very good so buyers/sellers should not be alarmed.  Rates are still in the low 5's for most owner occupied borrowers and the Tax Credit is still a powerful incentive. I know of lenders who are available all weekend for pre-approvals so give me a call so I can give you a referral to a local mortgage loan originator to get your home search going.

 

Applying for a Mortgage 

Getting Started
Before you begin spending time looking for a home, you should start with the basics. Use these tools to get an estimate of what you can afford:

 

Council with your lender to determine what type of loan would work best for you.  You will need to know how much money you have to put down, and how much your closing costs will be.  Your rates may be based on your debt to income ratio, your credit history, and your credit score. 

Mortgage Application
A mortgage application will allow the lender to review personal financial situation.  Your lender will need to run a credit check to tell you what programs and rates are available to you.
 

Pre-Approval
Your lender will review the financial information, your debt to income ratio, and your credit score in order to write a letter of pre-approval for a loan.  Presentation of a pre-approval letter along with the offer to buy assists a seller in considerating your offer.

 

Looking for a local loan consultant?

Solutions for All Credit Types 

 

Lets make your home-buying experience a pleasant one!  I look forward to helping you find the home of your dreams!