Record-Breaking Low Mortgage Rates for the Holidays: Helpful Tips For Loans

The Advantages of FHA Loans:

· Down payments as low as 3.5% - The down payment does not have to come from you “Gift” funds are OK using FHA financing

· Loan amounts up to $729,750

· 100% gift funds allowed – Family members can “gift” you the money to close. Funds to close DO NOT have to come from your bank account.

· Up to 6% seller concessions for closing costs

· NO reserves required – “Conventional” loans require 6 months mortgage payments seasoned in the bank BUT FHA does NOT require you to have any reserves what so ever.

· NO open or active tradelines required – All you need is a minimum of two credit scores reporting and the lowest needs to be a 640 or better.

· Citizenship is NOT required

· Non-Occupant co borrowers allowed (family member can help you qualify for the loan IF you cannot qualify on your own)

The U.S. Department of Veterans Affairs...

Offers a home loan program to help armed forces veterans obtain mortgages. The only documentation you need is your DD-214 and your Certificate of Eligibility.

To get a VA backed loan, you must fall under one of four groups. These groups include veterans, active duty personnel, National Guard members and surviving spouses of a veteran who died due to military service. You will need a Certificate of Eligibility to prove your eligibility for a VA loan.

Please let me know if you have any questions. VA is a great loan that offers no money down and no mortgage insurance.

Regards,
Matthew R. Chase
"I'm the Realtor's Best Friend!"

This information is provided to you by Matthew Chase of SWBC Mortgage, a long-time trusted partner of Adam Brett, The Home Sold Team. He is a direct Lender who can ensure you get the best rate and loan available. For more information about interest rates, visit: www.homesoldteam.com or contact Matthew Chase.