With the recent news of financial turmoil and tightening credit availability, many people are asking:
Are there still mortgages out there?
YES! Mortgage loans are still available in Kansas City.
Anyone that has reasonably good credit and is looking to purchase a home should be able to get a mortgage, as long as they have enough income to cover the loan. Seems simple enough, doesn't it? Unfortunately in recent years the limits were stretched for many buyers in order to get them into homes beyond their means. And now we're looking at a high rate of foreclosures across the country. Affordability is the key to a purchase. Currently in Kansas City it's a buyers market; it's an especially good time for first time buyers to purchase a home. Money is there for these purchases. Even if your credit scores are in the low 600's, there is mortgage money available.
There are 100% rural development loans available for people that are willing to live on the outskirts of town. These are 30 year fixed loans with no down payment and you might be surprised by some of the areas that qualify. VA loans are another possibility. FHA is still a good option for the home that is in move in condition.
If your credit scores are a little lower than you’d like, then find a good credit repair service and take a proactive approach in raising your score. We can recommend a few very good companies that will work with you on improving those scores in a timely manner. Feel free to call me at 913-642-3334 or email at firstname.lastname@example.org.
What if you had an ARM (Adjustable Rate Mortgage) and you couldn’t refinance before the the ARM adjusts? This is the problem that a lot of people are facing today. They cannot refinance the mortgage that is ready to adjust, are unable to sell their home, and will not be able to afford the new payment. Where does this leave them? Are you, or anyone you know, in this situation? Give us your story. We also offer a product for note modification - if you are not able to refinance, maybe a modification would better help your situation?
Traditional advice says you should not spend more than a quarter of your monthly net income for housing. This still works and is more appropriate than ever before. Apply this rule to renting or buying. Additionally, a fixed rate, whether it is a 20 or 30 year mortgage, is a better option for financial stability.
Most of us may need to scale back and try to live within our means. This doesn't have to mean the end of your dream of becoming a homeowner, or "stepping up" to a larger home. It means making smarter decisions. Isn't a home that is truly affordable a much better choice than the "biggger, better, newer" house that straps you financially and is an emotional burden? The good news is that there is money available now and that you have a source for honest answers, compassion, and integrity in the loan process. So please
Feel free to call, visit my website, or email me at email@example.com
Michele “MAC” Cole