Common Questions Asked By First Time Home Buyers

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I consider it a privilege to share this information with you.

I wanted to share with you some of the questions I got yesterday at the FL Times Union Home Buyers Expo. Over 1500 people attended, it was a huge success!  I was honored to be asked to speak to their audience.

I did two presentations.  Each presentation gave a quick overview of two topics.  The first presentation was 3 Monumental Money Mistakes To Avoid & Why Shopping for the Best Interest Rate can Cost you Money. Common questions pertained to the differences in FHA and Conventional Loans and the different mortgage insurance rates for each as well as the funding fees for government loans.

The second presentation covered 7 Massive Mortgage Mistakes to Avoid & VA, FHA & Conventional Financing Highlights. A common question was, "What if I have a 640 credit score and I am a first time home buyer, can I put down only 3%?"  Yes, if you are a first time home buyer and qualify for conventional loan financing, you can put down as little as 3% with a 640 credit score. However, the monthly mortgage insurance will be more expensive due to the 640 credit score. Here are some highlights from the 2nd half of this presentation.  I hope you find this information useful.

Here are some VA Loan Highlights:

•Minimum Down Payment 3.0% for first time home buyers, otherwise 5%

•No Funding Fee

•Monthly MI varies based on down payment, credit score, type of residence, varies from 0.22%-0.74%

•MI is automatically removed at 22% equity

•Minimum Credit Score 620 with 20% down payment or 640 with 5% down payment

***Veterans, THANK YOU for your Service!!

Here are some FHA Loan Highlights:

•Minimum Down Payment 3.5%

•FHA Funding Fee of 1.75%

•Monthly MI of 0.85% with 3.5% down or .80% with 5% down payment

•MI is for the life of the loan

•Minimum Credit Score 580

Here are some Conventional Loan Highlights:

•Minimum Down Payment 3.0% for first time home buyers, otherwise 5%

•No Funding Fee

•Monthly MI varies based on down payment, credit score, type of residence, varies from 0.22%-0.74%

•MI is automatically removed at 22% equity

•Minimum Credit Score 620 with 20% down payment or 640 with 5% down payment

***Please keep in mind this is only an example for illustration purposes.  These interest rates may not be available and/or you may not qualify for this loan type.

All of this information can be found in much more detail in my #1 Best Selling Book on Amazon

To grab my new book, How To Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye™, click here: elysiastobbehomeloans.com

For more mortgage tips check out our website www.bestmortgagebook.info

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Top 3 Reasons Why Mortgages are Sexier Than Caitlyn Bruce Jenner

1. If you qualify for a mortgage you don't have to use your hard earned cash to buy your new home. Now that's sexy!

Why use your cold hard earned cash to buy your next home when you can use the bank's money?  First Time Home Buyer's can put down as little as 3% for a down payment now.  For example, if you are buying a $300,000 home, 3% is $9,000. Spending $9,000 sounds a whole lot better than spending $300,000, right?

2. Mortgage Interest Can Be Tax Deductible. Now that's really sexy! 

What better benefit to being a home owner and using someone else's (the bank's) money than to get to write off the interest expense? This just keeps getting better and better! When you get a loan, your repayment schedule usually consists of principal & interest.  That interest you pay every month can be tax deductible. Consult your CPA for details.

3. There's more than enough paperwork in the mortgage process to cover up every inch of Caitlyn you didn't really want to see in Vanity Fair.

I'm very excited for our Olympic Hero and her quest for happiness. The Vanity Fair spread is eye catching to say the least. In addition to covering up parts of Caitlyn you didn't want to see mortgage paperwork can be recycled for later use as a toga, paper skirt or those weird flip flops they give you when you get a pedicure. Just be sure to shred the documents that have all your pertinent info such as your name, social security #, address, bank account #'s, etc.

For more info about and pictures of Caitlyn Jenner and what his/her ex Kim Kardashian has to say, click here:  http://www.dailymail.co.uk/tvshowbiz/article-3107508/Kim-Kardashian-defends-Caitlyn-Jenner-s-choice-dress-sexy-clothes-reveal-cover-Vanity-Fair.html

***Please keep in mind this is only an example for illustration purposes.  These interest rates may not be available and/or you may not qualify for this loan type.

To get on our waiting list for my new book, How To Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye™, go to our website www.bestmortgagebook.info

For video mortgage tips and tools subscribe to our YouTube

Channel: https://www.youtube.com/watch?v=YsL6BuJ8b-M

For sponsorship opportunities go to:  sponsorbestmortgagebook.info

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