NOW is the time to purchase that new home!
In helping to keep the housing momentum on an upward swing, mortgage lenders are reacting to new market conditions. Interest rates are expected to continue a steady climb higher; however, lenders are offering a variety of new loan packages. This clearly offers buyers more buying power now versus waiting to purchase that new home. The current changes impact how a lender discloses to consumers for confirmation specific expenses are less than 3% of the loan amount.
Some noteworthy points:
- Conventional Loans should continue with 5%, 10% and 15% down payments with private mortgage insurance.
- Jumbo Loans up to $750,000 with 10% down are available with no mortgage insurance
- FHA limits have decreased to $271,050 in Maricopa County.
- FHA monthly mortgage insurance premiums are expected to be decreased
- FHA offers a significantly reduced monthly mortgage insurance premium with a 10% down payment using the FHA 15 year fixed loan.
- Escrow Holdbacks: non-weather repairs are permitted up to 10% of the appraised value.
- Conventional financing with a non-occupant co-borrower (parent/relative) allowing blended income to meet the debt to income ration requirement.
Mortgage information provided by: Brandon Holt, Senior Loan Officer, Primary Residential Mortgage, Inc.