Now is a great time to purchase a new home! Interest rates for mortgages are still at historic lows. Deductions for interest are a great tax write off. Home values are once again on the rise, and the values are still reasonable when it comes to buying a lot of home for your hard earned dollar. Even better, you can qualify for a home loan with as little as 3.0% down, so you don’t have to save for years to come up with a down payment.
You have some great options when it comes to home purchase loans. If your credit is strong, conventional loans offer low rates, low down payments, and no Purchase Mortgage Insurance [PMI]. If your credit is not so good, the FHA has great programs available through many lenders, but you may have a Mortgage Insurance Premium [MIP] requirement and your rate may be a little higher than a conventional loan. The FHA also offers special programs for first time home buyers, with down payment requirements as low as 3.5%.
Conventional loan limits are similar to those imposed by FHA. Depending on where you live, the limits range between $417,000 – $625,000. If you need to borrow more than the conventional loan limit, you will need to qualify for a jumbo loan, which may have a slightly higher interest rate depending on your credit score. In general, you will qualify for the lowest interest rate if your credit scores are high. To qualify for a loan you will need to show income for the past 2 years and a history of paying your bills on time. We are here to help you find the best home purchase loan that you can afford. Our team is ready to answer your questions and help you to reach your goals. Call us today to see if you will pre-qualify for a loan and to get started.
What Can You Afford?
Our goal is to make sure that you end up with affordable monthly mortgage payments when you are approved for a home purchase loan. If your goal is to build equity and write off the interest payments on your mortgage, we will make sure that you are in a loan that you can afford, and not a loan that may later turn into a problem. We want to find the lowest possible monthly payment for you, so we use a mortgage calculator that factors in your goals and your income to make sure that you do not overreach or get into a loan that is too much to handle.
Find out if you qualify for a home loan today by picking up the phone and having a conversation with one of our advisors. We work with individuals at all points on the spectrum, even if you have bad credit or income that rises and falls, you might be surprised how easy it can be to qualify for a purchase loan. At SHS/CYE our goal is to help you buy a home for your family and live the dream. Whether it’s a white picket fence or a condo downtown, let’s talk about what you need to buy a house and take the first steps to help you qualify.
Contact the Home Mortgage Experts
At SHS CYE, our team will take the headache and the stress out of qualifying for a loan and we will help you to find the best option for a home mortgage. Our goal is to deliver a home purchase loan with the best rates and the least amount of paperwork and red tape. Our mortgage broker takes the time to get to know you and your goals. We will work with you side by side to get you into a great mortgage loan to purchase that wonderful house that will be your family’s home for years to come. We work very hard to make sure that you end up with a loan that you will be able to afford that will become a great investment for the future. Call us today to get started and talk to one of our advisors today.