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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You can learn all about<a href="http://portal.hud.gov/portal/page?_pageid=73,1827594&amp;_dad=portal&amp;_schema=PORTAL" rel="nofollow"> FHA Loans on the HUD website</a>. 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.

hOW DO YOU GET AN FHA LOAN?

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Allyson and Geordie Romer

Leavenworth real estate agents - Allyson and Geordie Romer

For over a decade, Allyson and Geordie have been serving clients in the Leavenworth-area real estate market. Together, they work tirelessly to stay on top of the regional market and present the most relevant opportunities to their clientele.

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