Types of Loans
As of writing this (November 2009), the mortgage industry has leveled out and we're almost back to more normal lending guidelines. There are still some really great programs out there for homebuyers. Here are a few:
FHA Loan
FHA loans are insured by the government through mortgage insurance that is funded into the loan. First-time home buyers are ideal candidates for an FHA loan because the down payment requirements are minimal (as low as 1/2%). Minimum FICO score is 620.
HomePath Financing
HomePath Financing is great for second time home buyers and investors. An Investor can get a property for only 10% down! A primary residence can go as low as 3% down, but Riverside County requires 5% down.
The seller can contribute 6% in closing for a primary residence and 2% for an investment property.
The drawbacks of this loan is that it's only offered through Fannie Mae REO properties. For more information on HomePath, visit my HomePath Financing article.
Contact Us for More Information
The mortgage industry is ever-changing. Riverside County Luxury Homes works with the best mortgage experts in the industry. For more information on current lending programs, feel free to contact us.