Home Affordable Refinance

Are you having trouble making your payments and are current on your payments but are unable to refinance?  Well you may be eligible to refinance if your loan is through Fannie or Freddie Mac. Not sure if your loan is Freddie Mac or Fannie Mae you can check here.

If you do have a Freddie or Fannie Mae loan click here to see if you are eligible to refinance your current loan.

USDA 100% Financing Hillsborough

So you thought 100% financing was a thing of the past? Well for the most part 100 percent financing is unless you are a veteran who qualifies for a VA loan however you may qualify for a government program called the USDA rural.

The home you are buying must be located within an eligible rural area defined by the USDA, many areas of Hillsborough county do qualify.In order to be eligible for many USDA loans, household income must meet certain guidelines as well.

Some benefits of the USDA Rural program
No Down Payment
Closing Costs can come from any source including a gift
Repairs and Improvements can be rolled into the loan
No Private Mortgage Insurance
Competitive 30 year fixed rates
Choose from local authorized lenders

If you don’t qualify for the USDA 100% financing then your next best option would be the ever growing popular FHA loan which only requires a 3.5% down payment.

To find out if you may qualify for the USDA Rural program please contact Danny Nappi @ 813-803-2575 or fill out the contact form and one of our agents will contact you.

Interest rate cuts to historic lows

The recent Fed rate cuts has spurned a wave of new mortgage applications especially with refi’s. The problem however there are many well qualified applications that are not able to qualify to the stringent guidelines that lenders have now.Lenders have gone from one extreme to another. At one time all you needed was a heartbeat to qualify for a mortgage now.

The most qualified buyers however are finally being reward with the ability to refinance to a lower interest rate. The rate cuts have not had a big impact yet on new home and resale home yet but December is typically a slow month on home sales with the holidays.

It will be interesting to see how home sales pick up after the new year as there are many buyers out there trying to time the market.

Tampa Home Loans

While searching for Tampa home loans you want to shop around to get the best interest rate. Some things to take into considerations also besides the interest rate would be the amount of closing costs. Here are some tips before applying for a loan.

  • Get a free credit report – A lot of times there is wrong information on your credit report that you can clear up. You want your fico score as high as possible
  • You want to get a good faith estimate of your closing costs.
  • If you plan to stay in the home for a long time you may want to pay discount points to buy down your interest rate.
  • Discuss whether you should lock in your rate. Typically you can lock your rate 30 to 60 days.

These are just a few tips to follow when applying for a new mortgage. Make sure you apply with a few companies to have a comparison.