Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

Rumor: Loans Are Hard to Get

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I receive phone calls on a daily basis from people looking for a mortgage. They want to get prequalified to purchase a home and most want to have the rumor “It’s hard to get a loan nowadays” dispelled. There are a lot of mortgage options available:

1. Conventional conforming loans- up to 97% loan to values to $417,000 or higher depending on area of the country loan is placed
2. FHA loans- 96.5% loan to values
3. VA loans- 100% loan to values for veterans & military personnel
4. Jumbo loans- loan amounts over conventional conforming loan limits
5. UDSA- 100% loan to value rural area loans
6. Private/hard money loans
7. Home Equity loans

So where is this bad information coming from? Media, banks, mom & dad, professionals in your life? Getting a loan is not that hard. You need decent credit (not super excellent), a job, and cash for a down payment and closing costs potentially, depending on the type of financing you are eligible for.

Many times the clients I talk to are referred from agents that were supposed to take the client out to look at a rental. If they can afford an $800-$3500 rent payment for example, they may be able to buy a home.

It is important for the consumer to get re-educated on the market today when they are looking to make any kind of move, renting or purchasing, so they know their options and have a plan in place. Many people are surprised when I tell them you can qualify to purchase now. With the market improving and interest rates at historic lows still, now is a great time to buy a home! If you have any questions or comments, I would love to hear from you. I can be reached at Ingrid.quinn@cobaltmortgage.com or http://www.scottsdalemortgageexpert.com or http://www.cobaltmortgage.com/ingridquinn.

Author: ibquinn

I am a Senior Loan Officer at Caliber Home Loans, with over 32 years of Mortgage Banking experience. I have the expertise and knowledge to help focus in on your homeownership goals and make them into reality. My team of experienced mortgage professionals and I can assist you in all steps of the home buying process and ensure that you have a smooth and hassle-free transaction. Caliber cannot accept mortgage loan applications or inquiries for properties located in New York through this site. Ingrid Quinn NMLS #211652 BK#0923637 www.ScottdaleMortgageExpert.com

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