Mortgages

By now, most everyone had heard about the troubles in the mortgage industry. But don’t let that scare you- mortgages are still available and rates are still affordable! The late 1990’s and early 2000’s saw a great change in the programs and terms available to borrowers. Loans with little to no down payment, limited verification of information and exotic repayment options became the norm. After the credit crunch began in mid-2007, most of these options began to disappear. While there are certainly fewer alternatives for customers than there used to be, home ownership is still within your grasp. Loans are still available under the programs at the FHA, VA and Fannie Mae and Freddie Mac. Be prepared to fully document all of your income and assets, have a down payment of 3-5% of the home’s purchase price and be prepared to answer questions about your credit history. If you are looking at buying an investment property, be prepared for a 20% down payment and have good credit. For buyers from a foreign country, we have private lender programs available- most now require 20-25% down payment and some sort of proof of income from your home country.