Residential Real Estate Financing:
Most people need to obtain financing in order to purchase real estate. Many people think that financing has become unavailable recently, but that is not the case - even if you have credit issues... I work with a couple of good companies that can help bring your credit score up so that you can get approved for a mortgage!
Below you will find some information about financing along with some links to other websites with financing information. Please visit my "Trusted Professionals" page and consider using one of the mortgage professionals that I recommend when the time comes for you to get a mortgage.
If you have any real estate or financing questions, please feel free to contact me. Remember, if you're ready to BUY, then I'm ready to HELP!
First and Foremost: Financing IS available for residential properties!
100% Financing?: YES! Rural Development is a great program and is a true "no money down" program - you can even work your closing costs into this loan, making your true "out of pocket" costs very minimal.First Time Homebuyer?: YES! There are programs designed specifically for you. For instance, if you haven't owned your own home in the past 3 years, you may qualify for MaineHousing's Gift of Green, including a $2,000 grant to help with the cash needed for closing, such as any required down payment, closing costs, and prepaids, and a coupon worth up to $500 for a 2-part home energy audit. Visit their site for more information: http://www.mainehousing.org/GiftOfGreen.aspx.
Rehab Loans?: YES! There are mortgage products that will allow you to purchase a home that needs repairs and have those repairs performed without having to get a separate loan!
VA Loans: These loans are for veterans of the armed services and they have quite attractive terms.
Loan Terms: There are 15-, 20-, 30- and 40-year mortgage loans available, there are fixed-rate and variable-rate loans, reverse mortgages, home equity lines, etc.
FHA Loans: Excellent option for first time homebuyers especially, requiring only 3.5% as a down payment. See the box at the top right of this page for current FHA loan limits for various housing types in Maine.
More Information:
Yahoo! Finance has some good information on financing
This Mortgage Calculator can help you figure out how much home you can afford
NAR's "HouseLogic" site also has some good information on financing