1st Time Buyer Programs

0% interest, non-amortizing, forgivable 2nd loan with MFA!!

August 3, 2018 by Michael Dunn

This information just came across my email from Damian Sanchez at Legacy Mortgage. Its another great program for 1st time home buyers that will be launched next month! (September 2018) New Mexico Mortgage Finance Authority (NMMFA) has been around for quite some time and I have helped dozens of 1st time home buyers buy their first homes using one the the financing programs they offer!

***HomeNow is a second mortgage available to borrowers with income at or below 80% AMI. The maximum loan amount will be based on the lesser of 8% of the sales price or $8,000. The funds may be used to finance the minimum down payment required for the loan type (i.e. 3.5% FHA or 3% HFA Preferred conventional), as well as closing costs, to include pre-paid tax and hazard insurance escrows. HomeNow has a zero-percent interest rate, is non-amortizing and has a 10-year maturity. Provided that the borrower lives in the home for the full 10-year affordability period and does not refinance, sell, vacate/rent or transfer title, MFA will forgive 100% of the balance on the 11^th anniversary date of the note. ***

CONTACT:

*** Michael Dunn, Realtor *** Coldwell Banker Legacy Realtors *** 505-379-5849 Call or Text!! *** AbqDunn@gmail.com ***

Helping buyers and sellers in the Albuquerque/Rio Rancho area since 2002!!

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. In the "comments below please enter the subject you want more info on. Thanks for your time!

FHA Loan limits increasing in 2018!!

December 11, 2017 by Michael Dunn

Roger Gettler with Legacy Mortgage just shared this with me:

The Federal Housing Administration (FHA) announced increased loan limits for 2018, reaching nearly all areas of the country. The new loan limit will be $294,515 for a one-unit property, which is up from $275,665 this year. In areas defined by FHA as ‘high-cost,’ county loan limits may be as high as $679,650 for a one-unit property, which is also an increase from current 2017 limits.

Mostly attributed to rising home values, these increases allow consumers to purchase and refinance homes at higher price points with access to the benefits of FHA loan options. These mortgage loans generally carry lower down payment requirements and more flexible credit qualifying standards than conventional financing.

The Housing and Economic Recovery Act requires certain baseline limits to be reviewed each year. Because the U.S. House Price Index Report published by the Federal Housing Finance Agency showed a 6.5% gain in home values since third quarter 2016*, the limits for 2018 were increased; however, these new limits will only apply to FHA case numbers assigned as of 1/1/2018.

There is still first time home buyer money as well! Contact me with any other questions or to get the process started!

Michael Dunn, Realtor

Coldwell Banker Legacy

505-379-5849 Call or Text

AbqDunn@gmail.com

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. In the "comments below please enter the subject you want more info on. Thanks for your time!

Looking for 1st time home buyer money??

July 14, 2017 by Michael Dunn

If you are looking for “1st time home buyer money”, you are in luck! New Mexico Mortgage Finance Authority has a number of different programs to help first time home buyers in New Mexico. These programs can assist you with down payment and/or closing cost money which allows you to purchase a home with little to no money down!! Currently, FHA requires 3.5% downpayment when buying a home but these programs can help you with that! This picture is a rate chart from today and these rates do fluctuate. Contact me right away to see if you or someone you know could benefit from one of the NMMFA programs and I can put you in contact with one of the lenders that are certified to do these loans! I have been working MFA for many years and helped countless 1st time homebuyers utilize these programs!

Michael Dunn

505-379-5849 Call or text!

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. In the "comments below please enter the subject you want more info on. Thanks for your time!

Curious what 1% change in interest rate does to your buying power?

January 31, 2017 by Michael Dunn

Do you know the power of 1%

How a 1% increase in interest rates can reduce your buying power

Let’s say you are prequalified right now for a loan amount of $200,000. The interest rate is 4% for a 30 year term. Your principal and interest payment is $954.83. With your other debts, this is the maximum monthly mortgage payment that you qualify for. Notice what happens if rates increase 1%…

Right now…Interest Rate: 4%Term: 30 yearsPrincipal & Interest: $954.83Loan Amount: $200,000

Time passes & rates increase… Interest Rate: 5%Term: 30 yearsPrincipal & Interest: $950.17Loan Amount: $177,000

$200,000 – $177,000 = $23,000

A 1% increase in the interest rate has impacted the loan amount you qualify for by $23,000. Crazy, right? Now think about this: What if rates increase by 2%, 3%, and so on…Apply with Legacy Lending today and keep ALL of your buying power.

Information provided by Heather Gilstrap of Legacy Mortgage

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. In the "comments below please enter the subject you want more info on. Thanks for your time!

7 reasons to get pre-approved for a mortgage and not just prequalified

November 26, 2016 by Michael Dunn

1) A pre-approval will tell you how much you qualify for on a new home loan. This helps you and your Realtor to look for a properly that is not above the amount that you can afford.
2) A pre-approval gives you the chance to go over the different loan programs available to you with your lender.
3) In today’s market it takes time to get a loan approved. Getting a pre-apprval puts you ahead of the game by sending all of your paperwork in before you get into escrow. By having a pre-approval, you may be able to shorten the escrow period needed to close a loan. This can make a big difference to a seller that is looking to close as soon as possible.
4) Most smart Real Estate agents will not start the process of searching for homes until you have pre-approval.
5) If by chance you do not qualify for a home loan at the time of the pre-approval, your lender can guide you in the right direction to prepare you to purchase in the near future. Sometimes there are items on the credit report that can be fixed rather quickly, or disputed to help you qualify. Without setting down with your lender, you would not have known about these issues until you are already in escrow, which would either delay the close of escrow or cause the property to fall out of escrow.
6) You will learn about the lenders guidelines on locking in an interest rate.
7) You will then be able to relax and know that you have your financing in place when you find the right home for you and your family.

Info provided to us by Heather Gilstrap Of Mortgage Consultant Legacy Mortgage, LLC

Please contact us for more information or to talk more about the qualification process.

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. In the "comments below please enter the subject you want more info on. Thanks for your time!

Conventional Mortgages now offering a 3% downpayment

March 11, 2015 by Michael Dunn

Fannie Mae is now offering a 3% Down Payment option! This is a program available to First Time Homebuyers only. What this means is that at least ONE of the borrowers cannot have had any ownership interest in a property within the last 3 years.

Who is this good for?

This is a great option for borrower’s with good credit, good income, but not a lot of assets. Think recent college graduates who have great income, but don’t have a lot of money to put down. Or maybe newly married couples who now have 2 incomes to qualify, but just don’t have a lot of money in savings.

Why choose this option over an FHA?

With the FHA loan limit being $271,050 for a single family home, this can be limiting to buyers who want to purchase a higher priced home without having to put more than 3% down. This gives buyers more purchasing power, even if they don’t have the money to put down 20%.

Article provided by:

Heather S Gilstrap

NMLS# 902110

Mortgage Loan Consultant

Legacy Mortgage LLC

Direct: 505.358.2558

Apply On-Line: www.heathergilstrap.com

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. In the "comments below please enter the subject you want more info on. Thanks for your time!