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It is a time to buy, time to save, and a time to stimulate the economy!  Buy and save sounds like an oxymoron doesn’t it?  But it’s not in this case.  Right now we are seeing bottom home sale price opportunities while seeing very low interest rates! In the past we have benefited from low interest rates only to be faced with inflated home sale prices; not now.  And if you’re just looking to save money now is the time to refinance into a low fixed rate which can save you hundreds and possibly thousands on your mortgage payment by also consolidating your “non-preferred” credit card debt!  Many do not recognize this opportunity because of a lack of useful information conveyed to the public.

First of all, the public misconception is that the “no money down” days are over however nothing is further from the truth. The magic question is can I qualify? Perhaps you can. The difference is being able to verify income.   Today income minimums are much more lenient due to FHA lending, a government insured product, which also allows you to use non-occupant co borrowers if necessary!  As long as your income qualifies you can obtain a 103% financing opportunity, at a very low fixed interest rate.  Take advantage of refinancing with the same product that will lend you up to 97.75% of the value of your home; if you already have an FHA mortgage you can do this WITHOUT INCOME!  And you do NOT necessarily need high credit scores!

Secondly, many ask what if I want to put money down and I have high credit scores, is there a benefit?  The answer is yes.  You can qualify for a Fannie Mae conventional loan at a very low fixed rate and avoid an additional private mortgage insurance monthly payment (PMI-which is attached to every FHA loan).  The same product allows for a refinance of your current loan to lower your monthly mortgage payment and save thousands!  A lower interest over a 30 year term equates to hundreds of thousands in savings!

Thirdly, many ask I do not verify enough income, is there a no income check product anymore? Yes this product exists for self employed people with 680 credit scores or better that will allow up to 75% financing at a very low fixed interest rate for a purchase or a refinance!

The point is one shouldn’t assume but seek advice from a professional, a licensed banker who has at least 10 of experience!  It could mean the difference of a great buying opportunity and a lot of monthly savings money in your pocket!

This is all possible due to lending guidelines and programs looking to help current and prospective homeowners to re-stimulate a once invincible economy.  Well its happening so be ready America. This kind of catalyst may possibly trigger the strongest economy we have seen.  Next we see 401k values back where they belong as stocks will soar as well!  (Hold on, keep your money in, do not cash out, in fact cash in.) It seems the financial spectrum revolves around the housing market as it is our mortgage payment that is the financial “hub” and largest monthly expense for almost every individual.

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Tags: apr, fha lending, financing, frank cutrone, interest rates, low fixed rate, mortgage broker, mortgages, real estate

About the Author: Branch Owner/President -Freedom Mortgage, licensed mortgage banker 50 states -2008 President Club member in all aforementioned companies Cambridge Whos Who – honored lifetime member Fcutrone@fmbranch.com

This entry was posted on Thursday, February 12th, 2009 at 11:58 pm and is filed under real estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.