FHA Streamline

The housing market has fallen; this is not new news. This is especially true for home values all across the country. Hundreds of thousands of people are finding that the homes they treasure so much are not nearly as treasured by the public market. However, you may still want to lower your payment and interest rate. How is this possible when home values have fallen so low?

There are a few options you have in front of you. One of those options is a FHA Streamline Refinance. The beautiful thing about this loan is that there is a “No Appraisal” option with minimal credit requirements! This means that you can get a lower fixed rate and payment on your FHA loan; even if you owe more than your home is worth! Since the process is streamlined, there is less hassle, less paperwork, and quicker closing times than with a standard FHA refinance.

Want to know more? Want to find out if you qualify? Give one of our mortgage professionals a call today to find out how you can lower your payment and interest rate with an FHA Streamline!

USDA Interest Rates

This is arguably the hottest topic in the entire mortgage universe, “What is the lowest interest rate I can possibly get?” That, ladies and gentlemen, is the $64,000 question and yet the answer changes every day; even multiple times a day! However, the never ending quest for this answer leads most people to question the validity of FHA vs. Conventional vs. USDA vs. VA in terms of finding the lowest rate.

The truth of the matter is that yes, you can shave fractions of a point by bouncing between these loans and seeing which one posts the lowest rate at the time you look at it. What determines your interest rate more is the type of mortgage and length of time your mortgage runs for. I speak specifically about a fixed vs. an ARM vs. an Interest Only loan, or one of the several other possible programs available. These individual programs affect rate more than the people sponsoring it.

The biggest question is which program is best for you based on your own individual situation. Are you a member of our military? Do you live in a rural community? How much of a down payment can you afford if any? Based upon these and several other factors, you may qualify for a loan program you never even knew existed getting you not only a low rate but also a low monthly payment with a larger budget for a house!

Want to know more? Call one of our mortgage professionals today to find out what loan program suits you best and how you can lock the lowest rates of the day, or possibly even the hour! Hurry!

FHA 203K Loan

It’s Saturday, and you are checking up on the latest “Honey Do…” list and things seem to be amiss. You see things like, “Renovate kitchen, expand garage into sunroom, remove and replace old carpeting, rewire house...” All these things seem way out of your league both financially and skillfully. How are you ever going to be able to complete all these renovations and repairs?

Fear not! The FHA 203K loan may be the solution to your worries. The FHA 203K Rehab and Renovation Loan can be used in one of 3 ways:

1. To purchase an existing home (and the land attached to that home) to renovate it.
2. To payoff existing debt on a current residence and renovate it
3. To purchase an existing home with the intent to move it to a new piece of land in a more preferred location.

To put it simply, the only things that FHA and HUD generally frown upon are non-permanent additions to the property and luxury items that are being installed. However, there are several things you might not think qualify for the 203K loan but in fact do:

1. New freestanding appliances
2. Upgrading HVAC
3. Adding energy efficient improvements
4. Wells and septic repair and upgrades
5. New siding
6. Interior painting
7. Exterior painting
8. Finishing the basement
9. Bedroom additions
10. New deck / patios
11. New hardwood flooring
12. New doors and windows
13. Upgrading plumbing and electrical
14. Opening up the floorplan
15. New granite countertops
16. Vaulting the ceilings
17. Making a house handicap accessible
18. Getting a condo or house ready for a new college student
19. Solar panels
20. Low flow toilets and shower heads

Any of these things sound interesting to you? Give your local mortgage professionals a call at First Option Mortgage and find out what brand new things you can do to your home!

Customer Service

Hi, welcome to Generic Bank! For English, press 1 or just say “English”. Para continuar en espanol, marque el numero seis. *Boop* To purchase a home, press 1. To refinance a home, press 2. To get cash out of a home equity line of credit, press 3. To lower your payment, press 4. To lower your rate, press 5. *Boop* You have chosen to lower your rate. If your rate is currently lower than market value, please hang up and wait until market rates lower. If your rate is currently higher than the market rate, please hold for the next available agent…

If this is just one of the thousands of recordings you have heard from nearly every bank and local loan company, then its time for a change of pace. We here at First Option Mortgage understand that home financing can be a huge undertaking as well as possibly the largest investment you will make. We pride ourselves in being “The PEOPLE you call FIRST”. This means that you will be in contact with a real person from start to finish.

That person is your loan officer; a courteous and knowledgeable professional in the mortgage industry. Your loan officer is sure to work with you to understand your individual home financing needs and offers you the best program and rate available to you. Throughout the process, you will have a continuous flow of communication to help you feel at ease. We are also available in one of several nationwide offices to sit down with you and help you understand all the aspects of your decision.

If this sounds a lot better than a pre-recorded voice, visit us at www.firstoptiononline.com and find a branch near you.