Mortgages are Available and Loans are Being Funded!

October 21, 2008

It may be hard to believe but lenders are still making loans. I can personally say that our clients just closed on a loan for their new home on Abbey Glen here in Lakewood Ranch. So if you would like to buy please be assured that loans continue to be available for a large range of potential home buyers. It’s not just those who are putting down 20 percent and have a credit score higher than 720 (but it helps).

Although credit underwriting maybe stricter and loan terms tougher, borrowers can still put down 3 percent (3.5 percent after Jan. 1) on an FHA-insured mortgage and 5 percent on some Fannie Mae and Freddie Mac loan programs with private mortgage insurance.

Remember that FHA standards are designed to help people with problem credit and those with scores in the upper 600s. So if you have had a problem with your credit we can still help you get qualified for loans with reasonable rates offered by Fannie Mae and Freddie Mac. Please contact me or one of our team members at the Jim Soda Group and we can help you get started.


One Response to “Mortgages are Available and Loans are Being Funded!”

  1. That’s good news. I had no idea so many people still qualify to get loans even with relatively low credit scores. I am moving to Sarasota early next year so I might be in touch with you.

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