Mortgage Money is Available!

MYTH: It’s impossible to buy a home now without a down payment of at least 20 percent.

TRUTH: There are a variety of excellent loan programs available with down payment requirements as low as 3 to 5 percent. FHA requires just 3 to 3.5 percent down and conventional loans are available with as little as 5 percent down. Some loan programs also allow the seller to contribute up to 6 percent toward closing costs. VA-loan eligible veterans and buyers who qualify for USDA Rural Housing loans may still take advantage of 100 percent financing.

MYTH: It would be foolish to buy a home now, considering the uncertain economy and mortgage crisis.

TRUTH: This is a great time to buy! Interest rates are historically low and there’s a great inventory of homes with motivated sellers. While it’s a buyer’s market, sellers who are willing to take a lower sale price can leverage their equity and benefit generously when they purchase a home.

In recent years, some buyers were able to qualify for home loans with very low credit scores and a small down payment, which resulted in a rise in foreclosures. While lenders have tightened lending requirements and more documentation is required, plenty of loan money is available for buyers with steady income and good credit.

Don’t be fooled by myths or media … call an Allen Tate Mortgage consultant today and find money for your home loan.