Most home buyers’ biggest hurdle is coming up with the cash for a sensible down payment. Gone are the days of zero-down loans, so if that was your plan, you’re going to need a new one! Coming up with a down payment for a home is a challenge because it’s not chump change we're talking about, here. The down payment on a $200,000 house, for example, will run you anywhere from $7,000 (on an FHA loan) to $40,000! That might seem like an insurmountable amount of coin to come up with, but it’s actually more doable than … [Read more...]
Mortgage Myths and Facts – Albuquerque Real Estate & Homes For Sale
Myth: The average person can't get a mortgage today. Fact: Legacy Mortgage and reputable Lenders are hungry for mortgages! It is true that big banks have been limited on the amount of real estate related assets they can hold in their portfolio, but true Lenders have the more then enough assets to lend and a full menu of flexible mortgage options available. Don't let the press scare you! Myth: Lenders can't be relied on to fund a loan, even if it is approved. Fact: Strong reputable Lenders such as … [Read more...]
FHA 203K Rehab Loan for Albuquerque Real Estate
This week Wes has a great program for fixer uppers. This is a way to get money for repairs or upgrades when you buy the home, so you immediately have the funds to get the work completed ASAP. Great for first time buyers and Owner Occupied Real Estate. Check out this video to learn all the details. Wes Moore does Albuquerque mortgage loans and does them right! 23 years LOCAL experience. The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers … [Read more...]
Interest Rates Are Getting Lower and Lower – Albuquerque Home Mortgage Alert!
Hi All, Rates are really low again! If you have anyone starting to look NOW IS THE TIME!! Depending on various factors, conventional rates are around mid upper 4's and FHA even lower! Call me to get pre-approved for a mortgage or to refinance today! Bess Daunis - Senior Loan Officer - 248773 Legacy Mortgage Direct (505)857-2216 Mobile(505)301-1691 … [Read more...]
Albuquerque Mortgage Update – May 9, 2011
I am pleased to announce that I am now able to do FHA Streamline 203k rehab loans! What does this mean to you, the homebuyer? With the wealth of Foreclosed homes, (or about to be foreclosed!) on the market, buyers are often able to purchase homes at very reduced, under market price. Problems often arise though, in that many of these homes have been neglected or abused by their previous owners during the process. These homes often need repairs, which in turn require cash, to be considered in “livable” condition, … [Read more...]
FHA Mortgage Insurance Premiums to Increase – May Affect Albuquerque Home Buyers!
An important reminder that the monthly Mortgage Insurance Premiums on FHA loans rises from .90% to 1.15% next Monday, April 18th. On a purchase price for a $125,000 home this will result in an increase in mortgage payments of about $25 per month. In some cases, this could put a home buyer in a position where they may no longer qualify. If you are thinking about buying a home and using an FHA mortgage, you need to be under contract to purchase a home and have an FHA case number assigned in order to guarantee that … [Read more...]