Low interest rates, low prices, easy terms – Time to Buy a Home!

Sonny Nguyen, Century 21 M&M Mortgage Consultant

Call Sonny Nguyen at (209) 534-7211Sonny Nguyen, Mortgage Professional for Century 21 Mortgage says, “ 2011 is going to be the year that First Time Home Buyers will get a chance to take advantage of low home pricing, record low interest rates and mortgage companies that are ready to lend.”

“The mortgage industry has stabilized, everybody knows the rules, and the criteria for mortgage loan pre-qualification is consistent,” states Sonny.

These days there are a wide range of mortgage loans you can choose from; 10-year, 15-year, 20-year, 30-year, 40-year and even 50-year mortgages. These loans are completely amortized, which means that the debt is reduced through regular payments of both interest and principal.

Types of Mortgage Loans

  • FHA Loans – insured by the government through mortgage insurance that is funded into the loan. First-time home buyers make great candidates for a FHA loan due to the fact that the down payment requirements are minimal and the FICO standards are generally lower.
  • VA Loans – available to veterans (and in certain cases, spouses of deceased veterans) who served in the US Armed Services. The main benefit of a VA loan is that a down payment is not required and this type of loan is guaranteed by the Department of Veteran Affairs, and funded by a conventional lender.
  • Interest-Only Loans – Actually these loans contain an option for the buyer to make and interest-only payment, but only for a certain period of time. However, some junior mortgages are indeed interest only and require a balloon payment, consisting of the original loan balance at maturity.
  • USDA Loans – Available to eligible applicants looking to purchase a home outside a major metropolitan area. $0 Down, 100% financing is available, no private mortgage insurance is required, terms are up to 30 years allowing you to lower monthly payments and lower income families and those with blemished credit can qualify.
  • HomePath Loans – A program from Fannie Mae that is designed to help sell all mortgage ready homes Fannie Mae owns. No appraisal is required and only a 3% down payment is required.
  • Bridge Loans – A short-term loan made to raise money for a special purpose. For example, the owners with to purchase another property before their home has not sole. The seller’s existing home is used as security for a bridge loan.
  • Streamlined 203-K Mortgage Loans – FHA offers this program to provide funds to a borrower to fix-up a home by rolling the funds required to make repairs into one loan. Many lenders won’t make rehab loans, and some won’t fund equity loans at closing, especially if there is no equity. A Streamlined 203K loan is figured into the original loan balance, resulting in one loan.

Century 21 M&M Realtors are ready to assist in all of your real estate needs. Contact an agent seven days a week…call toll-free at (800) 350-1548.

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2 thoughts on “Low interest rates, low prices, easy terms – Time to Buy a Home!

  1. HI Sonny. It’s great to see more Realtors embrace the potential of the 203k. But don’t forget that in addition to the 203k Streamline, there is also the 203k Standard/Rehab version that has fewer restrictions than the Streamline version. And make certain that you use a Certified 203k Contractor to do the work. They are located on the 203k Contractor Directory at http://203kContractors.com .

  2. Pingback: It’s Time for Qualified Home Buyers to Buy « Northern California Real Estate News & Views

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