Every once in a while I will invite trusted friends and colleagues to guest blog. Their wisdom helps all of us lead better lives. Our very first guest is the wonderful Mona Wong who is the mom of two of the cutest twins you've ever seen! (just had to throw that in ;) My clients who work with her have overwhelming loved the experience. Today she has honored us with a bite of financial wisdom. Remember to chew on it!
Big hugs,
Mariaaaaaaaaaa
:)
Gone are the days of 0% down, you see the price of homes falling but can’t put down 20%, 10% or even 5%, BUT you CAN ask to get prequalified for an FHA loan and put down just 3%. FHA loans were popular and a savior back in the days before there were home equity lines or loans and then of course the 0% down days, these are government sponsored loans. They allow buyers to put down just 3%, a reduced PMI payment, and prime rates! (You get the same rate as Joe Schmoe who is putting down 20%!!!) Or perhaps you don’t have the best credit...with a conventional loan you may be subject to very high rates, if you can qualify for one at all, however you MAY qualify for an FHA loan. FHA loans have a rep for being difficult, however they have been made much easier now and friendlier for the borrowers. There is no income limit, however your loan amount is limited depending on the county you are purchasing in, please check out what they are for the counties you are looking in. If you need help getting prequalified feel free to give me a call.
Mortgage Mama Mona
:)
Mona SooHoo Wong
Mortgage Consultant
c) 617-818-7430
f) 781-547-4921
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2 comments:
Thanks for that very useful information, Mona. Many potential home owners in the lower income brackets don't realize they *can* obtain a solid mortgage at a reasonable rate. There are many programs out there to help, available by digging a bit deeper or checking out an informative blog like this one!
I find this information incredibly useful. There is so much to know out there. It's nice to have a place where us ladies can open up and learn!
Liz
Mom of Maggie and Ted
Wellesley, MA
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