Florida Mortgage : Learning Center

Finally the Federal Reserve held a hearing yesterday specific to improving sub-prime mortgage guidelines.  These include verifying income for home buyers, guarantees that homeowners insurance and property taxes are paid, and no prepayment penalties sub-prime mortgage loans. 

As a seasoned mortgage professional I believe that home buyers with less than perfect credit should take the time necessary to improve their credit.  We have helped many clients with their credit profiles and with a little care and patience were able to provide FNMA conventional type mortgages with no prepayment penalties and of course lower fixed interest rates.  The alternative would have been for these buyers to look elsewhere for a sub-prime mortgage.

Foreclosures are at all time highs and I am glad to see tightening in mortgage guidelines.  Pretty soon even first time home buyers will need to prerequisite there mortgage financing search with saving money, providing and proving stable incomes and perhaps reviewing their own credit reports.  Of course if you ever have questions regarding qualifying for your first home, please call a mortgage professional.  

Stephen Thaggard

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