Home loans and Market updates

We have previously blogged about our commitment to our clients and our goal to not only provide them with the best loan product possible, but also educating them on their entire real estate transaction in efforts to provide a well rounded product to all.  In addition to this we try to keep our realtors informed of new loan products, changes in loan products, and continuing education on existing products.  In 2012, Reza Abadi's office with USA Mortgage is making a commitment to take this education one step further.  We have begun sending a monthly newsletter to all realtors in our area which will give us an avenue of constant contact allowing us to keep, not only realtors, but their clients constantly informed.  Additionally, we will be providing brochures and packets to our realtors which will allow them to give pertinent literature to their clients before they enter into the loan process.

As always, contact us anytime with all of your general mortgage inquiries.

Calling all military personel, did you know that you can purchase a home with a VA Home Loan and receive 100% financing?  If you are a veteran, active duty personnel, Reservist/National Gaurd member, or a surving spouse, you may qualify for a VA Home Loan.   If you are uncertain whether or not you qualify just give us a quick call and we can help you determine eligibility. 

Here at Reza Abadi's office with USA Mortgage we pride ourselves in fully educating our clients and helping through the mortgage process using a step by step system.  Please contact us today with any questions in regards to VA Home Loans or any other general mortgage inquiry.

You may have heard that home loan rates have improved and are back down to near historic levels. In fact, I've been slammed with emails and phone calls from people just like you who wanted to take advantage of this wonderful situation.

But you need to keep the following in mind...

While some people say good things come to those who wait, others say to strike while the iron is hot. In this case, the "iron is hot" with rates at exceptionally low levels. And while weak economic reports here in the U.S. and the economic crisis in Europe are two of the main reasons rates have improved recently, signs of inflation are beginning to creep into our economy–and that never bodes well for home loan rates. That's why it's more important than ever to act now.

It will only take a minute–give me a quick call so we can look at your situation. It doesn't cost anything to check it out, and the choice of moving forward will be up to you. Don't miss this window of opportunity to save significantly on your monthly budget.

Contact myself and USA Mortgage today to discuss home loan rates or any general mortgage inquiries.

Great news from FHA, regarding Lending Limits, for just about every county across the country! With the passing of H.R. 2112 (The Consolidated and Further Continuing Appropriations Act of 2012), FHA has confirmed its commitment to keeping FHA loan limits as high as possible to stimulate the housing market.  This means that FHA has reestablished the previous higher FHA loan limits that were in place before they were decreased during the period of October 1, 2011 through November 17, 2011.

Click here for Missouri FHA lending limits.

The FHA loan is one of the best options for homebuyers in today's market. Buyer agents need to know the FHA loan limits so they can properly advise their buyers, and listing agents need to know the FHA loan limits to know whether to accept FHA financing terms on their listings.

If you have any questions about the FHA loan limits, contact me anytime. And if there's anything else I can do for you or your clients, just let me know. I'm always happy to help.

What is a HARP loan?  How can I benefit from a HARP loan?

HARP is an acronym which stands for Home Affordable Refinance Program.  The program was created in order to let borrowers, who got into a home prior to the housing crisis, refinance their mortgage despite the fact that their home value has decreased since they gained ownership.  This program is offered by Fannie Mae and Freddie Mac and you will hear the loan itself referred to as the Refi Plus or DU Refi Plus program and the Relief Refinance Mortgage respectively.  These programs allow borrowers to refinance their first mortgage up to 105% of the appraised value, as well as, allowing them to roll in $2,500 in closing costs.  You can find more detailed information at www.MakingHomeAffordable.gov.

Contact myself and USA Mortgage today for questions regarding a HARP refinance or any other general mortgage inquiries.

Here at USA Mortgage our job is not just to help you get home financing, but to help put you with the loan product that will best suit your needs.  While we have in depth information about these loan programs on our website, I wanted to use today's blog post to give you an overview of the main products we use:

FHA Loan - These loans are backed by the government.  This enables the lender to offer you a higher percentage up front to purchase your house because they have less risk if something goes wrong.  FHA loans have certain lending limits, but most anyone can quailfy.  These loans enable you to borrow up to 96.5% of the value of your home or perspective new home.

USDA Loan - We frequently discuss USDA loans on our blog.  These kinds of loans are also backed by the government and are very popular in the mid-Missouri area.  USDA targets rural properties, this being said not all properties will qualify for a USDA loan.  Call us today to find out if yours qualifies!  The most attractive part of a USDA loan is it allows you to borrow up to 100% of the value of your home or perspective new home.  With this product you can purchase a home with no down payment.

VA Loan - As you may have already figured out, VA home loans are for american veterans.  These loans are also backed by the government.  You are probably already aware that you qualify for this type of loan, if you do, however, if there is any question call us today to figure out how you can qualify.  VA also offers 100% financing, this is another product that will allow you purchase a home with no money down!

Conventional Loan - Conventional loans are all non-goverment backed laons.  You can borrow up to 95% of the value of your current or perspective home on conventional loans.  These types of loans have fewer initial requirements to qualify, however, becuase the loan is not backed by the government the lender will often request more in depth information in order to give the borrower the final approval.

FHA 203(k) Renovation Loan - This is one of the many different programs that FHA offers.  This loan will enable a borrower to refinance their current house, or purchase a new house while also completing some renovations on the home.  This can enable you to do anything from cosmetic or structural changes that better suit you to structural changes that will help the home pass inspection or building code.  Call us today to learn more information about these types of loans.

As always, feel free to contact myself and USA Mortgage immediately with any questions about which loan product will best suit your needs or any general mortgage inquiry.

So, you are looking to purchase a home and it is time to get pre-approved for a mortgage through your mortgage professional.  All that mortgage professional has to do is get you qualified for your loan...right?  WRONG!  Your mortgage professional and your realtor are your primary sources of information to help you through the buying process.  The reason you have these two individuals to use is becasue this process is long, detail oriented, and can even be very confusing for the average individual.  Just because you are entering into this agreement with little prior knowledge does not mean that you must continue through the whole process without a clue of what is going on.  Here at Reza Abadi's office with USA Mortgage, we pride ourselves in being a full service loan institution.  Not only will we help you get approved with the proper loan product.  We will help educate you and answer any questions you may have through out the entire process.  We are ALWAYS available!

As always, feel free to contact myself, your mortgage professional, and USA Mortgage with any general mortagge inquiries.

Are you ready to buy a home, but you are conserned about your ability to aquire funds to make a downpayment?  If you answered yes to this question a USDA Loan could be the right loan product for you.  USDA still offers 100% financing on qualifying properties.  USDA loans are directed at homes located in areas that have a low population, however, being in mid-Missouri you may be surpriesed how many homes in our area are considered rural.

Contact us today with any inquiries.  We can check the address of any home to see if it qualifies for 100% financing, we can look into getting you prequalified for a mortgage, or we can simply answer any general mortgage inquiries you may have. 

Feel free to get in touch with myself and USA Mortgage anytime to answer all of your USDA Loan and general mortgage questions.

Are you having trouble getting approved for a home purchase?  Well look no further, Reza Abadi's office and USA Mortgage prides itself in helping every client equally.  We will get creative and find the appropriate loan product that benefits you to the fullest.  Whether you have money down to help with a questionable credit situation, you need assistance finding out how you can qualify with a minimal dowpayment, or any other mortgage issue, Reza Abadi's office and USA Mortgage will do whatever it takes to assist you in your home buying needs.

We can do everything from help you get your credit repaired to helping you find a local real estate agent in the mid-Missouri area to best help you.  Contact us today to have all of your home purchase questions answered.  We are always here to help you with your general mortgage needs.

Come by today to grab a copy of our informatonal brochure on FHA 203k renovation loans.  More informaitonal brochures to come next week!

As always, contact myself and USA Mortgage immediately with any general real estate inquiries.