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FHA Reforms
For First Time Homebuyers!
* Homebuyer Tax
Credit - a $7500 tax credit that would be
would be available for any qualified
purchase between April 8, 2008 and June 30,
2009. The credit is repayable over 15 years
(making it, in effect, an interest free
loan)
* Seller-funded
down payment assistance programs – codifies
existing FHA proposal to prohibit the use of
down payment assistance programs funded by
those who have a financial interest in the
sale; does not prohibit other assistance
programs provided by nonprofits funded by
other sources, churches, employers, or
family members. This prohibition does not go
into effect until October 1, 2008.
Call Peg
Fegely today to find out how these changes
effect you!
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Exactly how much of a home can I buy?
By getting a mortgage pre-approval before
you make an offer, you will be certain of
the amount of the loan you will qualify for.
Peg Fegely at Mortgage Source can
provide you with full credit approval in
advance, which will allow you to shop as a
cash buyer. With a written approval
in your hand, you can make a more aggressive
negotiation and this could save you
thousands of dollars on your home purchase.
There are so many loan options… How will I
know which one is best for me?
When you are pre-approved by
Peg Fegely at Mortgage Source,
you will have access to hundreds of loan
programs. She will help you determine what
programs you do qualify for, and narrow the
choices down to the one loan that is right
for your long-term goals.
What will my payments be?
The amount of your monthly payment depends
on the specific loan program you choose.
When you meet with Peg, she will provide you
with an easy-to-read spreadsheet that
compares different loan programs so that you
will feel comfortable about your monthly
financial obligation before you even make an
offer on a new home.
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What is credit scoring and how does it work?
Credit scoring is an evaluation system used
by lenders to help them determine whether or
not they should lend you money. This system
awards grades based on 5 different factors,
including your payment history, outstanding
credit balances, credit history, the type of
credit you have accumulated, and the number
of inquiries on your credit record. Points
are awarded for each factor, with a high
score being favorable.
How much does it cost to be pre-approved?
Absolutely nothing! You have nothing to lose
and everything to gain. Peg provides free
consultations to all of my clients at all
times. Her goal is not only to help you
find the best loan now, but also help you
manage that financial responsibility in the
future by reviewing your options on a
regular basis.
How will pre-approval benefit me when I make
an offer?
Full credit approval gives you buying
power. It allows you to shop as a cash
buyer; you can negotiate more
aggressively and potentially save thousands
of dollars. The seller will take your offer
more seriously because they will know you
already have approval from a lender. |
