Mortgages In 2008 - What’s Different This Year?
With the new economic stimulus package officially through we are now looking at a unique opportunity for homeowners in several different categories. Here is a small list of niche products that could save you money and even your home in 2008:
1. FHA loans now have guidelines that will STOP FORECLOSURE and allow you to refinance your home regardless of what you owe. There are specific rules you need to follow but if your scenario fits you may be staying in your home and avoiding foreclosure all together.
2. New loan limits will eliminate your JUMBO RATE and put you in a conforming loan amount. This is up to $729,950.00 in some parts of the country and other areas. This would mean that someone with a loan amount of $100,000 would get the same rate as someone with $729,950. Now that is some significant savings!
3. HOMEBUYERS will also be seeing a substantial difference this year because home prices are extremely low. The increase in the conforming loan limits and the increase in the FHA loan amounts will be positive for purchases. First Time Home Buyers will now be able to buy a more expensive home using better loans with nothing out of pocket. Financing is available up to 103%.
4. INVESTORS are out in droves buying up everything they can get their hands on. They see opportunity to become the next Real Estate Millionaire.
You have to see the opportunity through all the mess. Some people face foreclosure, short sales and other financial strain but there is even opportunity for them if they plan accordingly.
The time is right to make the call to see how we can help you with your financing needs. Contact me anytime via email at brent@brentlane.net http://www.brentlane.wordpress.com
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