Jeff Sarkisian

Fannie Mae has a great program, that First Time Home Buyers should be jumping at. Along with the $8000, first time home buyer tax ccredit, it is a winning combination.

1st Time Home Buyers and Realtors should be looking at Home Path Propertys. Prospect Mortgage is fortunately one of the few Home Path Lenders in Massachusetts. Any questions please feel free to call me. Cell Phone is always the best

978 502 3007. Below are some of the highlights of Home Path

HomePath® Mortgage Financing

This special financing is available on Fannie Mae homes with the following logo:

The benefits include:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance*
• No appraisal fees
• Also eligible for HomePath Renovation Mortgage (see details below)
• HomePath Mortgage financing is available from Jeff Sarkisian and Prospect Mortgage

Times have certainly changed in the world of mortgages, over the last year. With all the talk in the media about low mortgage rates being reported in the media of 4% , 4.5%, consumers often feel as though these rates are readily available. Well they are available, however there are fees associated in obtaining these low, low rates.

The other key component of obtaining low rates are Consumer FICO scores and the appraised value of your home. This where the Super Bowl Squares comparison comes into play with mortgage rates. Two years ago, a loan officer could quote a rate off the top of his/her head and feel pretty good about their quote. The quote would cover a wide group of potential mortgage clients. Today the grid is rather large if you have a 680 Fico, and have 25% equity in your home, your rate would be different, than your neighbor who's Fico score was 710 and had 20% equity in their home. It is use to be 4 squares, now it is over 10 squares, in some instances more.

Your loan officer should have your credit score, and a solid estimate on what your home is worth, before they give you a rate quote.

If you have any questions feel free to call me, (978-502-3007) or email me at jeff.sarkisian@prospectmtg.com