Are Homebuyers Clueless?
According to a recently released study by Zillow and published on CNNMoney, many homebuyers are clueless when it comes to mortgages. We want to help correct some of the misconceptions!
Minimum Down Payments Vary
Among Zillow’s survey findings, 31% of buyers don’t think it’s possible to get a mortgage for less than 5% down. Inlanta Mortgage offers a number of loan programs that require less than 5% down payment. FHA loans require as little as 3.5% down and USDA and VA loans have no down payment options. Inlanta Mortgage also offers traditional conventional mortgage loans with a low as a 3% down payment. In every situation, credit and underwriting requirements must be met. Contact a licensed Inlanta Mortgage loan officer to discuss which loan program is best for your specific needs.
Underwater Mortgages – Help is Available
Some 20% of homeowners surveyed didn’t know that underwater mortgages — those in which borrowers owe more than their homes are worth — can be refinanced into lower rate loans. Contact an Inlanta Mortgage loan officer to discuss your financial situation and to learn about your home refinancing options. Use our branch locator to find a loan officer is your area.
Bankruptcy, Foreclosures, and Short Sales
The Zillow survey found that nearly a third of homeowners are unaware that if they go through a foreclosure or short sale, they may not have to wait the full seven years before they can purchase a home again. Each loan program has specific requirements regarding past foreclosures, bankruptcies, and short sales. Contact a licensed Inlanta Mortgage loan officer to discuss your options – even if you have experienced a bankruptcy, foreclosure, or short sale. You may be pleasantly surprised by your options. Use our branch locator to find a loan officer near you.
We understand that the decision to purchase or refinance a home comes with many questions. While no substitute for a licensed mortgage loan officer, our blog regularly includes home buyer tips, industry news, and specific loan program information to support borrowers during this important time. Visit our blog regularly or visit us on Facebook, Twitter, LinkedIn, or Google+ for current news, events, and more.
About Inlanta Mortgage
Inlanta Mortgage is proudly celebrating its 20th Anniversary. Read more about our 20 year journey here.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.