This home offers comfort and style with beautiful kitchen and bathroom updates and warm Brazilian hardwoods throughout the home. The smart buyer will benefit from a lifetime warranty on the Thompson
Mortgage Outlook For 2015
See Also: Mortgage Rates Where You LiveStill, it may be possible to get a mortgage with a low down payment without relying on an FHA loan. FHA loans, which allow borrowers to put down just 3.5% of a home’s purchase price, have been a market mainstay since the mortgage meltdown. However, a hike in FHA mortgage premiums imposed for the life of the loan (which effectively increase a 4% interest rate to 4.5%) and lower loan limits have pushed many borrowers to look elsewhere for a low-down-payment mortgage. In an effort to expand credit accessibility, Fannie Mae and Freddie Mac are bringing back “3% down” programs for creditworthy borrowers (guidelines haven’t been issued yet). Plenty of mortgages (backed by Fannie Mae or Freddie Mac, or from private lenders who plan to hold loans in their portfolios) are available to borrowers with just 5% down, says Guy Cecala, publisher of Inside Mortgage Finance. Lenders are easing up on documentation requirements, too, and are demanding just W-2 forms and pay stubs rather than two years of federal tax returns. If one lender rejects you for, say, an inadequate work history or irregular income, or you’re self-employed or paid on commission, shop for a lender that will offer some flexibility.
Chuck Rifae has been a leading Northern Virginia Realtor since 2002. Chuck holds the advanced designation of Broker of Real Estate for both Maryland and Virginia. When Chuck is not working with buyer....