Wells Fargo Rolls Out a NEW Loan Program : Community Development Mortgage Program (CDMP)

The only loan type out there with NO down payment is a USDA loan.  The problem with those loans is:  you can't get a USDA loan in an urban or suburban area.  The next loan up from there requires a 3.5% down payment with a HUGE PMI (mortgage insurance) premium tacked on to it for the life of the loan, often adding $100+ to your monthly bill.  BUT now there is a new loan program out there being rolled out by Wells Fargo.  This is the email I just received from one of my preferred lenders and it reads:

Help more homebuyers achieve their home financing goals 
With our Community Development Mortgage Program 


The Wells Fargo Community Development Mortgage Program(CDMP) is designed to make homeownership more attainable for low-to-moderate income buyers. 

Homebuyers can benefit from: 

Down payment as little as 2% 
Lower out-of-pocket costs 
Allowable down payment and closing cost assistance 
Fixed-rate payment stabilty 
NO PMI 

Homebuyers may qualify at 80% or below Area Median Income limits with a single 42% debt-to-income ratio. 

Owner occupied only. 


Call or email me if you need any further information and I will put you in contact with the right people.  This is GREAT news for homebuyers with little or no $$$$- hurry before the home prices and interest rates go up again!

Flood Insurance Rates in Florida Set To Skyrocket

Thinking of buying a home in Florida?  Beware:  As of October 1st Flood insurance rates are going to be going up. WAY up. Be cautious before purchasing a home in a flood zone. Ask your Realtor if the home is in a flood plain. You (or THEY) can find out simply by looking at the tax records. 


The full article can be found here.
http://www.orlandosentinel.com/business/fl-flood-insurance-rate-hike-20130924,0,6751438.story

Mortgage rates post largest weekly increase in 25-years!

It's beginning to happen- Interest rates are up 1% over this time last year.  And that equates to $100's on your mortgage payment, but will also affect how much of a house you can afford.  Federal Reserve is now tapering off their stimulus program and we will beginning to continue to see increases until interest rates are what they used to be (between 7-8%). Don't miss the boat!  If you are thinking of buying, do it sooner than later.  The average interest rate today hovers around 4.5%.  Read the rest of the article for more disturbing information regarding where interest rates are going and how fast:
Mortgage rates post largest weekly increase in 25-years!