Mortgage Information

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

I would be happy to refer you to some very good mortgage contacts I have in Longwood, or to help you in any other way I can to secure the best possible rate for your home purchase.

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.

Notes from my lender, Michelle Barnett:

We are counting on our new President and Administration “being wise in time” for everyone around the world!! Timothy Geithner announced his ‘Financial Stability Plan’ today at 11:00am and said that specific details will come in a few weeks!! The main points were:
- Stabilize system and restore confidence in our markets
- A Public-Private Investment Fund will be established to remove ‘toxic assets’ from the banking system
- $50 Billion Federal Reserve Funds to stem home foreclosures
- $1 Trillion in new lending for consumer and businesses through an expanded Federal Reserve program
- New SBA lending initiative to make more funds available to community banks and all banks and expedite the approval process
- Establish a new website www.FinancialStability.gov so that every citizen can see where the funds are being used and if we are achieving success

Current news and reminders:
- Senate approved $15,000 tax credit (it will not have to be repaid) for anyone buying a principal residence within one year of the bill being signed into law. It is still awaiting Congressional approval. Please call your Senators and urge support for this expanded home buyer tax credit -1-866-924-6242. http://www.federalhousingtaxcredit.com/
- Interest rates have improved slightly
- The Senate will vote today on the additional stimulus/bailout package.
- Minimum FICO score for conventional loans in Florida requiring mortgage insurance for a 90% LTV is 720
- The Federal Housing Finance Agency (FHFA) and HUD announced the new conventional and FHA loan limits for 2009
- Conforming loans for the Orlando MSA $417,000
- FHA loans for the Orlando MSA (Orange, Seminole and Osceola) $274,850
- Reverse Mortgage loan limits increased to $417,000

Ranges of Interest Rates (with and without points) for a Primary Home Purchase are as follows:
30 year Fixed Rate up to $417,000 4.75%- 5.375%
15 year Fixed Rate up to $417,000 4.50%- 5.125%
30 year Fixed Rate Jumbo up to $900,000 5.95% - 7.55% Loan-to-values up to 75%
Please call for quotes on loan amounts above this.
5/1 and 7/1 year Jumbo ARMs 5.125%- 7.375% LTV’s range from 50-80% per loan size
Foreign National ARMs Varies per lender - will require credit, income & asset documentation, loan-to-values 50-60%. 70% may be available only for purchases and case-cy-case.

The EXPRESSED RATES AND TERMS CAN CHANGE AND MAY NOT BE AVAILABLE AT COMMITMENT OR FUNDING. THE RATE AND TERMS WILL vary depending upon credit score, loan-to-value, loan size, loan program, lock period and loan purpose. This information is not intended to share with the consumer, as it does not have the complete and proper required disclosures.

With kindest regards,

Michelle Barnett