After several years of high mortgage rates and hesitation from buyers, momentum is quietly building beneath the surface of the housing market. Sellers are reappearing. Buyers are re-engaging. ...
Published October 7, 2019
New Loan Products Mean New Homeownership Opportunities
Homeownership still remains a dream for many. Even with near-historic low interest rates, home prices in Southern California as well as down payment and income requirements make it impossible for many individuals and families to enjoy a home of their own.
The current federal conventional loan limitations turn many properties into jumbo loans. That can mean a ten percent or more down payment requirement, depending on the bank backing the jumbo loan.
Soaring home prices also make it challenging for active military and veterans. A down payment amount kicks in once the home price reaches a cap amount. And, they may not often have enough to cover that amount.
And, if you are a small business owner, then you know handling income verification can already be challenging. But, now imagine what a legal cannabis business owner goes through. Their income may be legal in California but not by federal loan standards.
What if there was a jumbo loan with a smaller down payment, no cap on VA loans, and loans that make it possible for legal cannabis business owners to declare their income?
Brian Sciutto is a trusted mortgage professional with Fairway Independent Mortgage Corp. Check out all the opportunities he says are waiting for you to own a home in the video below:
