August 22, 2007

The Mortgage Industry Is Experiencing a Major, Unprecedented Crisis.

What products are still available to Flagstaff homebuyers today?

Conventional, FHA, and VA loans: These typically include 15 year, 20 year, and 30 year fixed rate loans plus fixed period ARMS. Traditionally ARMS initial interest rates were lower but that is not the case at this time.

Interest Only Conventional Loans: Still a good option but compare the rates to make sure it is a value.

Products not available to us today are Fixed- Rate Second mortgages and Home Equity Lines of Credit.

If your loan amount is over 80% of the purchase price we will be using mortgage insurance on your loan. New legislation passed on January 1, 2007 allows homebuyers with adjusted household incomes of $110,000.00 or less to deduct the cost of the mortgage insurance premium from their income on their federal tax returns.

For more information on programs and guidelines please contact me in Flagstaff: liz.fontanini@wvmb.com

Topic Tags: Flagstaff mortgages

by Liz Fontanini - Certified Mortgage Planning Specialist, Wallick & Volk Mortgage Brokers
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by Liz Fontanini

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