There has been alot of changes in the last year with regards to mortgage financing. So I thought I would take this opportunity to set the record straight about a few of these items;
How much of a downpayment do you require to purchase an owner occupied home?;
You can buy with as little as 5% down. (we actually have a program that allows you to buy with 0% down, but the rate is higher and qualifying criterias are a little more stringent – but its available)
Whether you are a first time buyer or a seasoned buyer in the market to buy another home that you plan to occupy, 5% is all you require.
How much of a downpayment do you require to by a rental/investment property?
This has changed, it used to be with as little as 10%, but now you require a 20% downpayment.
What is the maximum amortization buyers can take on their mortgage?
Currently anyone buying a home with 5% down, can access up to a 35 year amortization.
On March 18th, 2011, that will change to 30 years.
Simple and Sweet.
If you have any other questions that you need clarification on, call me or email me I would love to hear from you.