Q: I’ve heard that it’s near impossible to get a loan in today’s market, is this true? – Mora
A: This is false. There are many good programs available in the lending industry. FHA is a great program that has been around for several years. An FHA loan requires a minimal down payment of 2.25% (this will increase to 3.5% after Jan. 1, 2009) and has increased it’s maximum borrowing limits to $332,500.00 (also subject to change after Jan. 1, 2009).
For 2008 & 2009 the government has issued a tax credit in the amount of $7,500.00 for first time home buyers. This is a great opportunity if you’ve never purchased a home or haven’t purchased a home in the last 3 years. Rates are still at an all time low and will likely stay there for a bit. Now is a great time to take advantage of the large selection of inventory and incentives in the market place.
VA is also a popular program especially in San Antonio. Eligible veterans can qualify for a loan with 0% down. VA is often used in conjunction with the Texas Veterans program which provides the veteran with a buy down on their interest rate.
Conventional financing is also still available with down payments as low as 5% and 10%. Although it is true that there have been many changes to the credit industry if you have decent credit & a little bit of money saved you can obtain a great mortgage with a great interest rate. In addition to the various loan programs available there are also specialty programs for first time home buyers, police, fire fighters, and teachers to name a few. Some of these programs offer grant money that helps the borrower get into a new home without having to repay the money granted.
Got a question? Email me at Meghan@kw.com or visit my website at www.ecodifferencehomes.com or just pick up the phone & call 210-232-3666
Meghan Pelley is a licensed agent of Keller Williams Realty
Tags: lending, loan, market, real estate, san antonio
