Finances & Your Credit

Finances and Your Credit ...

Preferred Lenders ...

When you're ready to purchase your new home, you'll need to locate a lender to finance this purchase. Very few of us have enough cash on hand to purchase a home without obtaining a mortgage. There are so many different lenders to choose from. Of course, you are free to choose any lender that you wish. I highly recommend to all of my clients -- talk to at least two lenders before making a commitment - it's like getting a second opinion from your doctor. When working with a lender, make sure your lender tells you everything about your loan. You do not want any surprises. When choosing a lender, you want a loan officer who will tell you what you need to know - not what they think you want to hear!

Bank of America Home Loans
Robert Tignor at 540-785-1015 or email Robert.Tignor@bankofamerica.com

Visit http://mortgage.bankofamerica.com/roberttignor

cid:image002.jpg@01C879F0.0CD162E0 Monarch Mortgage
Linda Ramer at 540-273-5555 or email LRamer@monarchmtg.com

Visit http://www.monarchmtg.com/lramer

Betty Connell at 703-868-8845 (cell) or 703-740-1057 (office) or
email: betty.connell@firstcountymortgage.com

Visit www.firstcountymortgage.com

Carl Mazzan at (703) 408-9214 or email Carl.Mazzan@choiceloan.org

To apply for a loan, visit Choice on the web at: www.choiceloan.org

Your Credit ...

Did you know ... your credit score can affect just about every aspect of your life? Learn More About Credit ... this is information your creditors and credit reporting agencies don't want you to know!

How much home can you afford? ... Check the mortgage calculator to get an idea of what your monthly payment will be ...

For up-to-date information on the home buyer tax credits and new lending laws ... Click here.

Good News From FHA & VA ...

VA has increased their loan limits above $417,000. However, they will not offer 100% financing above $417,000. They will require a 25% down payment on the difference between the sales price and $417,000. For example, if the price of the home is $500,000, the down payment required would be ($500,000 - $417,000) x .25 = $20,750. The loan amount would be $500,000 - $20,750 = $479,250. This is great news for those homes over the current VA limit with clients that have some down payment funds.

FHA has announced their 'FHA Secure' Refinancing Options. This is directed at clients with the following issues:

- Has a non-FHA ARM that has adjusted. This includes Interest Only ARMs.

- Has a satisfactory payment history prior to the ARM adjusting.

- The adjustment on their ARM has caused clients inability to pay.

- If there is sufficient equity in the home, the new loan can include missed mortgage payments.

- Loans on which foreclosure proceeding have started are not eligible.

- FHA is a full documented loan.