By Brett Ellis
Fear of Obtaining Mortgage Holding Back Some SW Florida Buyers
Headlines the past few years have painted a bleak picture for those attempting to get a mortgage, and for good reason. After the downturn banks over-reacted and added several layers of verifications and procedures in hopes of insuring they wouldn’t face losses in the future or be forced to buy back loans from regulators. Mistakes were made by the government and banks. This held the recovery back, but real estate still found a way to recover.
Many do not know there are new programs out there and buyers can get financing today. For instance, persons who lost their home to foreclosure or experienced a short sale 3 or more years ago may qualify now.
There is a program for 1st time home buyers (anyone who has not owned a primary residence in last 3 years) that allows them to purchase a home for essentially $1,000 of their own money. They need a minimum FICO score of 640 and must not make more than $66,025 for a family of two and $69,600 for a family of three. A $10,000 2nd mortgage can be used at 0% interest for …read more
Source:: Top Agent