Guidelines in the mortgage industry have changed over the last 2 years, dramatically in some ways. But you can still get into a home. Lower home prices in the San Antonio area allow you to get into a home for a lower amount that in years past.
Do not be discouraged as there are still options that fit most people’s situations.
MORTGAGE LOAN TYPES:
- VA Loans, if you are currently active duty, or have previously served 180 days in the US military. In addition, there are options for reserves, and National Guard service men and women.
- FHA Loans will allow financing for homes in the San Antonio area, up to a purchase price of $332,000. The down payment required is only 3.5%.
- Conventional loans require a minimum of 5% (of the purchase price) down payment. There are some options to obtain a 2nd lien in combination with a 1st lien conventional in order to avoid mortgage insurance without making a 20% down payment.
WORK WITH A MORTGAGE BANKER
A Mortgage Banker is an organization that has the funds available to fund the loans that they originate. United Lending is a Mortgage Banker, a division of Network Funding, a national mortgage lender. At United Lending, your mortgage loan application will be processed, underwritten, and closing documents prepared in our San Antonio office.
FIRST TIME HOMEBUYER PROGRAMS:
If you have now owned a home in the last 3 years, you may be considered a First Time Homebuyer. The government is currently offering an incentive for first time homebuyers in the form of a stimulus payment of up to $8000.00. United Lending is participating with the Texas Department of Housing and Community Affairs on a program that will help you obtain a portion of those funds to use for down payment and or closing costs to purchase a home. You must close on a home by November 30, 2009. You still have time to obtain financing and find a home.
Complete an application on line now. There is no cost and no obligation to ask questions or to submit an application for review. Visit my website at www.cindyelliott1.com