Home Loan Resources

“The Mortgage Bankers Association said its seasonally adjusted mortgage application index, boosted by increased demand for both purchase and refinance loans, rose 10.9 percent to 557.1 in the June 6 week.”

This is a good sign for the economy. I am seeing a lot of offers and deals on the bank owned properties getting approved. With all the buyers taking advantage of the lower priced housing and the overall low interest rates, we are optimistic in seeing a turn-around in the near future.

Obviously this will not happen over night, but I am seeing that light at the end of the tunnel.

Now that the “Mortgage Meltdown” has subsided, what type of financing is available to those who want to buy a house?

There are still plenty of loan programs available to finance a house.  The key though is that you must actually qualify for loan and you can’t lie about you actual income.  If you can afford a house and you can prove it and your credit is worthy you should be able to find a home loan that fits your needs.

While several of the loan programs require a larger down payment than people are accustomed to over the last few years, there are still a few ways to obtain 100% financing.  VA programs for those that are eligible and FHA loan programs using a charitable gift  program are the most popular ways to achieve 100% financing.

Loan programs can change in a moments notice, so you should keep in constant contact with your loan officer.