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Windermere Real Estate
FHA Mortgages: Today’s Best Deal
Guest post from Darel Ansley, Mortgage Lender, at Peoples Bank in Wenatchee:
Just about everything is in place to stimulate the housing markets, prices and rates are lower, and banks have money to lend. I think the only problem is the media has the potential buyers scared to come out of their bomb shelters to see if the coast is clear.
Here are a couple ideas to share with past prospects who never bought:
FHA rates are down to 4.875%, the buyer just needs 3.5% down, but that can come from a relative. The loan limits are $342,700 in Chelan/Douglas and $271,050 in Okanogan/Grant counties.
For an amazing deal, if a buyer will move into one unit of a duplex, triplex or 4-plex, the hole thing is considered owner-occupied, they can count the other rents towards their income, and they only need 3.5% down. Loan limits for a duplex are $438,700 in Chelan/Douglas and $419,425 in Okanogan Grant, and much higher for 3 and 4 plex.
With Today’s rates and prices, I’ll bet the 3 or 4 plex rents would almost completely cover the buyers mortgage payment.
Let’s get the word out to the consumers ourselves, because the press isn’t going to do it for us.
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[...] 3% down FHA loan [...]
hOW DO YOU GET AN FHA LOAN?
You can learn all about FHA Loans on the HUD website. If this sounds like it might work for you and you qualify, you would apply through a local mortgage lender or bank that is approved to write these loans. I believe that People’s Bank in Wenatchee does FHA Loans, but I don’t think Cashmere Valley Bank is currently offering them.