Contrary to today’s headlines - You don’t need perfect credit and 20% down.
NEW FHA Loans are great for borrowers!
- Down Payment Is 3.0 % and increases to 3.5% on January 1, 2009.
- Loan Limit $346,250.00, reduces to $314,000 after 12/31/08.
- Interest rates below 6% (as of 10/23/08)
- No Pricing Hit for Credit Scores above 620
- 6% Seller Contribution Allowed toward buyers closing costs.
- Portion of MI Financed (tax deductible)
- No Required Reserves
- Assumable with Qualification
Also don’t forget - The (temporary) tax credit for 1st time homebuyers for up to $7,500. Buy your 1st home before the end of the year and take this credit off what you pay the IRS for 2008. Check this with your tax preparer as conditions apply.
Call us to discuss these terms with a lender.
Michael & Shannon Collins
