USDA Loans

Is a USDA Loan Right for You?

If you thought U.S. Department of Agriculture (USDA) loans were just for farmers, think again. Many homes in small towns and even the suburbs are eligible for USDA loans. But hey, if you are a farmer, you can probably benefit from this loan type too.

What is a USDA Loan?

A USDA Guaranteed Rural Housing Loan is a 30-year mortgage with an interest rate determined by the lender. They were long thought of as just for farmers, but the program has been expanded in recent years to help families without adequate housing finance the purchase of a home in a rural area.

A USDA Guaranteed Rural Housing Loan is 30 years, with an interest rate determined by the lender. No down payment is required (yes!), which sets these…

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9 Steps to Buying a House

9 Steps to Buying a House

For most people, buying a house takes years of planning and preparation. The whole process can be overwhelming, especially for first-time homebuyers. Step-by-step, we’ll guide you through the important decisions that go into homeownership. When it’s over, you could have the keys to your dream house and the biggest investment you make in your lifetime.

1. Check your financial and credit history

Your financial history and credit score affect your overall loan options, and a higher credit score will usually get you a lower interest rate. To avoid any surprises down the road, know what your credit score is before you start the mortgage preapproval process. Most mortgage lenders like to see credit scores in the mid 700s…

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No- And Low-Down-Payment Mortgage Options

Your home purchase is a big deal, but your down payment shouldn’t be. If you haven’t saved a significant down payment for a home, but you’re otherwise qualified to receive financing, we have you covered. Waterstone Mortgage offers a variety of no- and low-down-payment mortgage programs to help you achieve your goal of homeownership.

No Down Payment

USDA/Rural Housing Loans

• FICO as low as 600
• Home must be located in designated area

VA Loans

• FICO as low as 600
• No mortgage insurance requirements
• Available for active-duty military, veterans, reservists and members of the National Guard, and some surviving spouses of veterans

Wealth Building Loan

• FICO as low as 680
• Financing through adjustable rate mortgage
…

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Don't Let the Down-Payment Stop You From Buying a Home

Are you a buyer decent credit but no money for a down payment? Check out this mortgage program!! NO MONEY $$$ DOWN.

Melissa McGlinchey 
Branch Manager 

(407) 397-7300 Mobile: (407) 973-8492 

3700 34th Street  Suite # 300 E   Orlando, FL 32805 

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A Gamble or Profit Opportunity? Factors to Consider in a Fixer-Upper

Photo Courtesy of Pixabay

There’s no getting around the fact that investing in a fixer-upper home is a gamble. They come with built-in problems that you, as a homeowner, have to correct. Sometimes, one problem just leads to another problem, then another. Even if you have a “project” home carefully inspected, you may still experience deep-seated issues that seem to come out of nowhere, leaving you in possession of what’s commonly called a money pit. On the other hand, you could reap tremendous financial benefits if you succeed in transforming a fixer-upper into an appealing property in a good location. You may even put yourself in a situation so profitable that it will transform your financial situation and set you on the road to a solid financial…

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How Much Do You Really Need to Put Down on a Home?

Buying a home is often one of the most expensive endeavors one will take throughout their life, so it’s not surprising that saving for a down payment remains a major hurdle for many Floridians on their path to homeownership. But although a 20 percent down payment is considered ideal, it’s not actually as common as you might think, nor is it a necessity to buying a home.

The majority (52 percent) of buyers put down less than 20 percent on their new home.

Typically, you have to put between 3 and 20 percent of your home’s sale price down in cash to qualify for a conventional loan (30-year fixed mortgage), but there are exceptions. If you meet eligibility guidelines, you might qualify for a home loan with a  zero-down payment through Veterans Affairs…

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How to Get A Mortgage

You may be just a loan away from your dream home. You just need to learn how to get a mortgage first.

There’s a little more to getting a mortgage than waltzing into your favorite bank and asking for one. After all, your financial life will be much of what helps lenders decide to offer you a loan, not your personality. And unless you have enough cash to buy a whole house, you’re going to need a home loan. Knowing how to get a mortgage long before you attempt to will help your odds of success.

Homes for Sale in Davenport FL

What Is a Mortgage?

A mortgage is a loan from a bank or mortgage lender to help finance the purchase of a home without paying the entire value of the property up front. Given the high costs of buying a home, almost every…

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How To Buy A House with No Money Down

Low Down Payment Home Loans For First-Time And Repeat Buyers

The biggest barrier to homeownership today is the mortgage down payment. But it doesn't have to be.

According to the National Association of Realtors, 87% of first-time buyers think they need 10% or more down to buy any of the homes for sale in Davenport, FL.

That’s simply false.

In fact, the average down payment for first time buyers today is just 6%. And, a number of programs require no down payment at all.

If you’re “stuck” trying to raise enough down payment money, you must read this entire article.

What Is A Down Payment?

A down payment is a portion of the purchase price that a buyer pays from his or her own funds. A 10% down home purchase is structured as follows.

…

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Is it safe to waive real estate contingencies when you buy a house?

When you buy a house, it's a jungle out there

Contingencies are magical little contract clauses that can prevent you from losing your shirt when you buy a house. And yet – as home prices have increased and inventory has shrunk – the need for contingencies is increasingly open to question.

Homes for Sale in Davenport FL

After all, if you see a nice house at a good price, won’t it attract multiple offers in today’s hot markets? Doesn’t it make sense to dump your contingencies to out-gun other bidders?

To answer this question we first need to take a basic look at the real estate contracting process.

Offer, acceptance and counter-offer

Picture a property listed for $400,000. A couple comes along and says, "We'll pay you $400,000 for your…

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How the points you pay determine your mortgage rate

What affects your mortgage rate?

Your mortgage rate depends on many factors, like your property location, the economy, and loan size. One really influential factor is the amount you pay for your home loan. And fortunately, it's a variable over which you have complete control.

Homes for Sale in Kissimmee FL

When you pay more to have a lower rate, this is called "buying down" your mortgage rate, and the fees you pay are called "points." each point is one percent of the loan amount.

How do points drive your mortgage rate?

The relationship between your mortgage rate and its costs is an inverse one. When other factors are equal, a loan with higher fees has the lower interest rate. Home loans with lower rates are obviously more desirable, so…

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