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My wife and I have bought and sold several homes in the forty two years that we have been married. We have dealt with many personalities and attitudes with the representing agents. We had never prepared ourselves for the professional training and winning attitude that has been shown us by the team of Elgin and Pilar Walker.
John and Mary Ann Sprengelmer,
tips on homeowner ship


Zero Down Home Loans Just Got Cheaper

FHA reduces cost of Private Mortgage Insurance.

For many home buyers, the idea of saving up to 20% of the price of aFederal Housing Administration home as a down payment just isn’t in their financial cards. Yet, as far as other qualifications and affordability goes, they are quite capable of making the financial commitment to what would be a qualifying monthly mortgage payment.

With that, there are loan programs out there where buyers can get into a home with a very low (or no) down payment. Of course, every silver lining has it’s “cloud,” so those opting for a zero down loan are usually charged a fee on top of their mortgage payment in the form of Private Mortgage Insurance (PMI). PMI is usually required by the Federal Housing Administration (as well as other federal loan backers such as Fannie Mae and Freddie Mac). With the FHA, the cost of PMI was usually 1.35% of the value of the loan, broken down into a monthly addition to your loan amount.

However, the FHA just announced that they will be dropping the PMI rate from 1.35% to .85%, saving the average homeowner $900 when they finance a property with a zero down payment loan.

Are you ready to enter the housing market?

The mortgage industry is taking steps to make 2015 a good year for home buyers. Aside from reducing the fees for PMI, the FHA, Fannie Mae and Freddie Mac are also putting programs in place that take into account lower FICO credit scores of less than 700. There are also more “low down payment” options coming online, as well as programs that will give you the opportunity to pay off your mortgage in half the time of a conventional loan.

Also, mortgage rates continue to hold at LESS THAN 4 PERCENT! Meaning increased purchasing power for qualified buyers!

We are your real estate advocates.

The Elgin and Pilar Walker Team have nearly 30 years experience working with home buyers and sellers to help them realize all of their real estate goals. Contact us for a no obligation needs analysis.

 Elgin & Pilar Walker

Keller Williams VIP Properties
25124 Springfield Court Suite 100
Valencia CA 91355
Office: (661) 290-3781
Mobile: (661) 347-6248

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