Monday, July 21, 2008
Friday, July 11, 2008
Great News for Buyers and Sellers!
opening the way for better loan terms for home buyers.
This reduces the minimum down payment amount required by the federally
chartered mortgage backer. Mortgage loans of up to 97 percent are now
available in automated underwriting cases in which quick approvals can
be made, often based on the borrower's circumstances or on the property
itself.
"Psychologically this will have a good impact," said John Mafrici of Park Place
Mortgage. He is also president of the Southern Oregon Mortgage
Professionals. Now, borrowers merely need 3 percent down — plus closing
costs — on many loans. There are loan programs, such as the USDA
Guaranteed Rural Housing Loan Program, Mafrici said, that still offer
100 percent financing for certain income brackets and outlying
geographic areas.
Source - Greg Stiles, Medford Mail Tribune
