Mortgage Discussion for the Panhandle area

Yes, spring is here and homes are selling. We are closing a good many "no money down" deals as they seem to still be the market place. I was asked by a realtor this week what type of loans I closed and I responded with "A paper; FHA, VA and USDA". Thinking I was somewhat clever I went on to explain we are still finding buyers with little or no money to spare for a large down payment. The realtor asked me how I closed these loans when we have no 100% loans anymore. It was that comment that made me realize I was not so clever. A realtor who knows me is believing in wrong information. We have many ways of closing mortgages with little to no money down by a buyer. V.A. is 100% and still strong. USDA or Rural Development is 100% and stronger than ever. FHA is 97.75% but with down payment assistance a buyer stills have no down payment. The other big help is all these loans are self insured. That means you need not pay attention to the hype about MI (Mortgage Insurance) companies. There is no MI on an "A" loan (FHA, VA, USDA) in fact only FHA has MIP with is an FHA self insurance guaranteed by our government.

Your worst enemy in closing sales today are the media. Between the radio, TV, newspaper and other outlets buyers are scared and do not know they can still buy. It is all of our jobs to educate the public and give them the opportunity of home ownership.