Lending guidelines have loosened up since the huge tightening of lending after the mortgage disaster.
You’ll still decent credit and some money down (well….usually) but you may be surprised at how accessible home ownership may be.
Rates were up a bit again last week but still so very historically low. Believe it or not my first home purchase had a interest rate of around 11%. To give you some idea of the difference in spending power of now vs. then:
If I purchased a $300000 home with a 80% mortgage, my monthly (without taxes and insurance) would have been $2571.27 at 11% and $1289.02 at 4%. Holy smokies. What a difference. Makes the buy vs. rent decision alot easier….and, it’s unlikely you’ll be paying 4%.
Here’s some current local rates:
30yr fixed to $417,000 = 3.75%
15 yr fixed to $417,000 = 2.99%
30yr fixed to $625,500 = 3.95%
15yr fixed to $615,500 = 3.125%
30yr VA = 3.45%
Here’s a video that discusses the loosening up of mortgage guidelines. For more info on what you qualify for, send me an email or give me a call. email@example.com 571-228-5656