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Obtaining home financing can be lot more challenging after the financial crash of 2008. Gone are the days of obtaining a home loan with a signature and a smile. Banks & financial institutions are far more thorough when considering applicants for financing. However, it's understandable that they do not want to repeat the events that caused the last financial crisis. Therefore you should be prepared to provide a great deal more documentation than you may have in the past. The good news is that interest rates are at the lowest levels in history, and there are plenty of programs available to help home buyers. We have also noticed that home buyers are often paying less than renters for the first time in decades as well. Homeownership has the advantages of tax breaks, equity accumulation, ability to customize your home, and fixed monthly housing payments to name a few. Now with the added bonus of paying less for a mortgage than many pay for rent, we should see a massive shift from renters to owners in the near future. Especially with the significant rising of rents in recent years. Locking in low interest mortgages will offer greater security in the future as rents, property values, and interest rates continue to increase. Some of the most popular mortgages we are seeing in recent years have been FHA loans. FHA loans are secured by HUD (Housing & Urban Development) and they offer a very low down-payment of 3.5% and low interest rates as well. In addition to FHA, they have a variety of Conventional financing available as well. Some of the newer Conventional loans have allowed home buyers to put down less than the standard 20% and in some cases waive the mortgage insurance. There are also some special loan programs that allow financing for home buyers who have had short sales or foreclosures on their credit as well. In addition, there are down payment assistance programs that have been very helpful for many home buyers that do not have enough saved for a traditional down payment. Also, If you're a Veteran you can utilize your VA Eligibility Certificate for obtaining a loan with no down payment. I will gladly review all of the available financing options with you and help you decide on a loan that best fits your situation. We would be happy to provide you with a list of some of the lenders we've had good experiences with over the years as well.
Glossary of mortgage terms: