If Extreme Couponing can be a reality show, just think what some down payment assistance can do for your real reality. Both Pasco and Pinellas counties in Florida have revamped their programs and have rolled out some really impressive down payment assistance from their respective counties.
Conventional loans with 5% down do exist and are still the gold standard as far as I’m concerned. With no upfront costs and a much lower monthly mortgage insurance payment to contend with, you still come out better off even with the extra 1.5% down.
At the end of the day, if your client is planning on occupying the property themselves, the conventional is truly their best bet across the board. Nessie does exist and so do great home financing solutions.
What happened this time was the nose dive of my hard drive – although it was the one where I keep all my non-confidential data…gone were my go-to docs, my cheat sheets, form letters and computation spreadsheets. Or at least they could have been had they not be safe and secure beyond the world of cantankerous hardware and destructive software viruses. I take my business seriously and to tell the truth I sleep better at night knowing all my family’s pictures and all my data is protected. So while I am able to go out and save the world one mortgage at a time; Mozy is also on the job saving one database at a time.
At the end of the day, there’s nothing like a contingency plan.
On the flipside, there are buyers who believe they have horrible credit, they know they have credit lines and high balances on several cards and don’t believe they would be a good mortgage risk. They therefore assume they will be denied a home loan.
This is not to say that either one of these clients is ready to make a move, but neither should presume their reality.
Our friends at FHA are back to adjusting the loan max limits. And again…change often equals panic. This is not only evident in our emotionally-driven stock market. We also see it just about every time there’s an adjustment to a mortgage policy; whether the perception is that it is a good or a bad adjustment.
In the case of FHA’s maximum loan limits, (the minimum loan is being reduced from 292K to 271K); it turns out the actual number of transactions it will affect in the Tampa Bay real estate market is not huge.