***Looking To Buy a Home?***
Call Linda (251) 510-8683 or Lewis (251) 455-9203
Helpful information:
- Seven steps to buying your home
- Deciding how much house you can afford
- Creating your home wishlist
- Location, Location, Location
- Opting for new home construction
- How can a real estate agent help me?
- Eight important questions to ask your agent
- Mortgage Calculator
- Contact us about buying your home
| Types of Loans | Link to Information |
Additional Notes
|
| Low and Very Low Income | Call Vickie Pitts @251-233-3356 | |
| First Time Home Buyer | http://banking.about.com/od/mortgages/a/firsttimebuyer.htm | May be an advantage to some buyers. Call your loan officer. |
| Department of Veterans Affairs (VA) | http://www.homeloans.va.gov/ | No money down for qualified Veterans. Call your loan officer for more information. |
Frequently asked Questions:
Q: Should I get pre-qualified for a home loan?
A: Yes. This should be your first step in looking for a home. Getting pre-qualified will tell you how much you can afford to pay for a home. That way, you can concentrate your search in that price range (or lower) and not be disappointed when you try to get a loan. It also helps a seller to know that the buyer is qualified to buy their home.
Q: Do I have to use the same broker or bank for a loan that gave me the pre-qualification letter?
A: No. You can choose any broker or bank to provide your loan. You can shop for the best rates.
Q: Is it a good time to buy a home?
A: YES! Home prices are down AND the interest rates are down and expected to continue declining. This is the best time to buy a home. We expect the price of homes to stabilize and even start back up as interest rates come down and the stimulus package takes effect.
Q: What is the GO Zone?
A: The GO Zone is the Gulf Opportunities Zone. That is an area along the Gulf Coast in Alabama, Mississippi, and
Louisiana and a portion of Florida that qualify for a special investment incentive. If you buy an investment property in this area during 2008, you can qualify for special incentives to accelerate depreciation on that property. The investment property could be a business or a Condo for rental purposes. Call us for more information.
Q: Should I use a Realtor to buy a home?
A: Yes! Using a Realtor to purchase a home doesn't cost you anything and will actually save you money and considerable time. Realtors have access to the MLS (Multiple Listing Service) and can send you reports on homes that fit your search criteria (cost, location, size, age, bedrooms, etc) to shorten your search. Realtors know the area and will assist you to ensure all paper work is completed accurately and that you get to closing on your new home.
Q: What is a "Jumbo" Loan?
A: A Jumbo loan is a loan for more than $417,000. That figure is set by the maximum amount that the FHA and VA will loan on a home. A conventional borrower will pay a higher interest rate for a jumbo loan because it is considered to be a "risky" loan by the banks.
Q: What is PMI?
A: PMI is Private Mortgage Insurance. Most borrowers are required to have PMI if they borrow more than 80% of their home's value. You have to have at least 20% equity in your home to remove the PMI requirement. You can get the 20% equity by making principle payments on the home and the increased value of you home over time.
