Are Homebuyers Clueless?
According to a recently released study by Zillow and published on CNNMoney, many homebuyers are clueless when it comes to mortgages. I want to help correct some of the misconceptions!
Minimum Down Payments Vary
Among Zillow’s survey findings, 31% of buyers don’t think it’s possible to get a mortgage for less than 5% down. Inlanta Mortgage offers a number of loan programs that require less than 5% down payment. FHA loans require as little as 3.5% down and USDA and VA loans have no down payment options. Inlanta Mortgage also offers traditional conventional mortgage loans with a low as a 3% down payment. In every situation, credit and underwriting requirements must be met.
Underwater Mortgages – Help is Available
Some 20% of homeowners surveyed didn’t know that underwater mortgages — those in which borrowers owe more than their homes are worth — can be refinanced into lower rate loans. Contact me to discuss your financial situation and to learn about your home refinancing options.
Bankruptcy, Foreclosures, and Short Sales
The Zillow survey found that nearly a third of homeowners are unaware that if they go through a foreclosure or short sale, they may not have to wait the full seven years before they can purchase a home again. Each loan program has specific requirements regarding past foreclosures, bankruptcies, and short sales. Even if you have experienced a bankruptcy, foreclosure, or short sale, I urge you to talk with me and discuss your options. You may be pleasantly surprised!
We understand that the decision to purchase or refinance a home comes with many questions. Check my blog regularly to get the latest home buyer tips, industry news, and specific loan program information to support borrowers during this important time. Also, visit my Facebook, Twitter, LinkedIn, or Google+ for current news, events, and more.