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FHA Loans - 30 Year Fixed Rate - 3.5% Down
Only Normal Credit needed, 3.5% down payment, 30 Year Fixed Interest Rate
Since the mortgage crisis and Congress Economic Bail Out program, conventional mortgages are more difficult to obtain, and require larger down payments and higher credit scores. There is a government program to help average wage earners to finance a home, people with normal credit scores and 3.5% down payment.
Bargain Home Prices Now
Since home prices have fallen so dramatically, there are great bargains and opportunities for buyers to purchase a home today. The smart investors are entering the market now to purchase homes to use as rental property in the future. With home prices so low and 3.5% down financing available, now can be a great time to purchase a home.
Why purchase in Vero Beach, Florida ?
Bargain Home Prices Now
Since home prices have fallen so dramatically, there are great bargains and opportunities for buyers to purchase a home today. The smart investors are entering the market now to purchase homes to use as rental property in the future. With home prices so low and 3.5% down financing available, now can be a great time to purchase a home.
Why purchase in Vero Beach, Florida ?
Ocean front communities like Vero Beach have a higher value than homes away from the ocean. There is very limited land near the ocean along the coast, and it has a premium value. Vero Beach has great year round weather, and is attractive to people who live in the northern USA and Europe. Vero Beach does not have the traffic or issues of large cities, and is a great place to raise a family, relax as a retiree or have a small business. The home prices in Vero Beach have fallen dramatically, and there are great bargains available in today's market. President Obama has announced plans to help the housing market recover, and as it takes effect, it will stabilize home values and help them return to normal. Therefore, now is an excellent time to invest in a home for your future.
FHA government mortgage program for all Americans and Legal Residents
The FHA program is a government insured home mortgage program providing 30 year fixed rate home mortgage loans. 3.5% down payment is required, and that down payment can be a gift from a family member. It is also possible to add the closing costs to the loan amount if the home qualifies by the bank appraisal.
Your mortgage payment can not go up.
Your monthly mortgage payment can not go up, it is fixed for 30 years, and the interest rate can not change. It is possible your property tax or homeowner's insurance can go up, but the mortgage payment is guaranteed to stay the same.
Only normal credit scores needed
The FHA allows buyers with credit scores lower than today's bank requirements will allow to purchase a home. Generally the buyer must have credit scores over 580 and have stable income of enough to make the payments. The home payments with taxes and insurance can represent up to 31% of your monthly income, and the total of all of your monthly home, auto and credit card debt can not exceed 46% of your income. You must be able to prove your income.
The interest is Fixed for 30 years and can not change. Interest rates are low now, therefore it is a good time to lock into a good rate.
How to apply for an FHA mortgage
Your mortgage payment can not go up.
Your monthly mortgage payment can not go up, it is fixed for 30 years, and the interest rate can not change. It is possible your property tax or homeowner's insurance can go up, but the mortgage payment is guaranteed to stay the same.
Only normal credit scores needed
The FHA allows buyers with credit scores lower than today's bank requirements will allow to purchase a home. Generally the buyer must have credit scores over 580 and have stable income of enough to make the payments. The home payments with taxes and insurance can represent up to 31% of your monthly income, and the total of all of your monthly home, auto and credit card debt can not exceed 46% of your income. You must be able to prove your income.
The interest is Fixed for 30 years and can not change. Interest rates are low now, therefore it is a good time to lock into a good rate.
How to apply for an FHA mortgage
Contact me to find the location closest to your home.... (772) 299-1302
It is quick and easy to apply, and you can do it over the phone.
You will need to give proof of your income and bank accounts for final approval.
The entire process takes about 4-6 weeks until you close on your new home.
FHA will also inspect the home and provide an appraisal of value.
We recommend you also have a qualified professional home & termite inspection.
Homes in need of a lot of repairs do not qualify.
When you sell your home, a new qualified buyer can assume your mortgage
FHA loans are also assumable by qualified buyers, therefore some day when you want to sell your home, the new buyer can assume your loan if they qualify. That is a big advantage to you in the future when you try to sell your home. The new buyers closing costs are lower also. That makes your home more attractive when selling in the future.
Loan Amount can be from $50,000 to $283,000.
FHA allows loans up to a $292,500 purchase price ($283,000 maximum loan amount) if you earn enough to qualify. Please call me so we can discuss your particular circumstances, and I will be happy to explain the program and how you can take advantage of today's low home prices. Since home prices are so low today, it is a great time to get a bargain. Please let me help you negotiate the price to purchase at the lowest possible level in today's market.
More Information
Call George Prescott, Realtor at (772) 299-1302
or
Contact Me
Contact Information
George Prescott, Realtor®
Dale Sorensen Real Estate1961 14th Avenue Vero Beach, Florida 32960
Toll free: (800) 899-0422 / Phone: (772) 299-1302
E-mail: Click here / Website: GEORGEPRESCOTT.COM
Equal Housing Opportunity. This material is based on information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete and should not be relied on as such. This offering is subject to errors, omissions, change of price or withdrawal without notice.
