Did I stutter?  I do mean it… there are 100% loans available both for purchase and refinance transactions.

No… I am not one of those scumbags trying to lure you into a dangerous loan!  If you’ve read my posts at all, you know I’m definitely not about bad loans for good people.

Here’s what I am about… helping people buy the home they want and need… and refinance the loan that is about to start hurting them financially…

So here’s how these work…

First of all, these are not snake-oil loans… they are FHA and Fannie Mae loans – a.k.a. Government Backed.  They are safe loans with only a few options.

Here are the options:

• Full Documentation – There’s really no way around this one in this economy
• Seller Concessions – get up to 6% of the purchase price from the Seller to cover incidentals like repair, closing costs or even PITI abatement (I’ll write something on this in the future so keep an eye out)
• Reduced PMI – Anytime you have one loan that is over 80% loan to value, you’ll need Private Mortgage Insurance … in these loans, the backing of FHA and Fannie Mae helps bring down the cost basis of this insurance.  Also, currently PMI is still tax deductible.
• Up to 100% financing – want to put down 5-10% go ahead… just make sure it doesn’t put you in a bad position to afford to make payments if something should happen to your income.
• 30 or 40 year Fixed Rates – those are the options, one or the other.  30 year fixed will be a lower rate; 40 year Fixed will be a lower payment.   The choice will simply depend on you and your strategy in this property.
• PITI Reserves – plan on having 2 to 6 months of Principle, Interest, Taxes, Insurance, Homeowners/Condo Association Dues and whatever you need to close in your bank before closing. 
• Credit – there are few programs available under 620… so try to keep that in mind.  640-660 is really where you want to try to get to if you’re working on your credit.  The higher the better!
• Income – you need to be able to show stable income by being in the same line of work and preferably in the same job for a minimum of a year, 2 is much easier.
• Loan Limits… you’re definitely not getting a loan on a $650,000 high rise condo on the Beach in Boca Raton Florida with one of these loans.   The loan limits are governed by the Median Income and Median Prices for homes in your County.  Check with your favorite Mortgage Broker to find out what the limits are in your area.

So whether you are a first time homebuyer or a homeowner looking to refinance.  The option is available to you to get a great rate – usually lower than you’d expect!

Call now to find out what you need to do to get in on one of these loans. 

If your ARM’s adjustable rate is about to reset, there’s no time like the present!

If you are buying a home, there are some great deals out there with all this inventory!

More Florida Mortgage and Real Estate News You Can Use From
David A. Podgursky, MBA
TheMortgageGoToGuy.com
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida

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