Sep 07 2007
Florida mortgages still available with no down payment
As the mortgage markets continue to force underwriting guideline changes; first time home buyers should know that 100% mortgage programs still exist. Fannie Mae has several options for fixed rate mortgages aimed at allowing first time home buyers to qualify for their first Florida home.
These fixed rate mortgages have qualifying guidelines that have tightened over the past few weeks; so credit, income and assets need to be reviewed with the help of a mortgage professional. These Fannie Mae conventional mortgages are available with fixed terms up to 40 years and allow interest-only terms for the first 5 or 10 years if desired. This would allow an even lower payment without the hassle of negative amortization or prepayment penalties. All Fannie Mae loans are provided with no prepayment penalties and no negative amortization.
If you need first time home buyer options I encourage you to call your Florida mortgage expert or drop me an email anytime.