We have found that consumers tend to associate the world financial downswings with a downswing in mortgage availability. Very often is has the opposite effect. Here are a few quick mortgage products to take note of:
- With a good credit history (min 700 Credit Score) you can finance up to $417,000 with as little as 3.5% down.
- With a reasonably favorable credit history (min 660 credit score) you can finance up to $417,000 with only a 5% down payment (3% borrower contribution, remainder can be gifted
- You can finance up to $800,000 with as little as 15% Down Payment (all from gift) and pay no mortgage insurance
- 5/1 Jumbo Arms are available with interest rates under 4%
So the net, net…there is plenty of mortgage money available at generational low rates. If you are thinking of purchasing this is it. Prices have come down. Rates are at the bottom. Good luck with your home search!
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