Korene's Blog

The Only Low Down Program in Town

January 20th, 2015 12:05 PM by Korene L Clopine-Seaman

The Best LOW DOWN Program in Town for ANYONE

CNN Money.com published an article about why FHA loans have gained in popularity. You probably already know the reasons but to sum it up: 3.5% down (try finding less than that these days and still be in the city), low rates, and reasonably attractive loan limits. I highly recommend taking a look their article because it has some great FHA info and good examples as well.

The housing market is struggling nationwide. That does not mean that your local market is struggling, though. Nearly all neighborhoods in the country have seen some fall in value. Yet, this does not mean that the horrors that are happening in some areas of California and Nevada are playing out in your back yard. Your area may actually have some strengths in it right now. Many markets are stable and many others are on the rise.

Before you write off the current condition as being too risky to invest in a home loan, find out what is happening in your local area. There are a variety of online appraisal websites that can give you a free estimate (which is not always 100 percent accurate, but close) to help you to see what is actually happening in your market. It may be that your area has just what you need: well-priced homes and affordable mortgage prices.

Contrary to what many people believe, there are still mortgage loans available to those who are qualified to get them. Does this mean you have to have a credit score in the 800’s to qualify? No. Those with scores much lower will qualify. To find out if you qualify, consider the following:

• Do you have steady employment?
• Do you have excessive debt: if so, you may not qualify if your debt is too high compared to the amount of money you are bringing in each month.
• Do you have a down payment: Down payment amounts are much lower for FHA loans, but some money to put down is necessary.
• Do you have good credit or better: Those with very low credit scores may not qualify for a home loan right now.

To find out if you qualify, it is best to talk with an FHA loan specialist one on one. They will help you to determine not only if you qualify but how much of a home you can purchase, the cost of a monthly mortgage payment, and the current interest rates available. It is highly recommended that you consider FHA loans since they are more affordable and they often cater to a wider array of home loan borrowers.

The local housing market and loan market is really the only concern you should have in terms of buying and selling property right now. While the big picture may seem dark, there are plenty of bright spots under that dark cloud. These are mainly average neighborhoods dotting the country and often are great places to call home.

Call Korene L. Clopine-Seaman today at 623-340-0934  to discuss your purchase, refinance, or mortgage options.

Branch Manager / Senior Mortgage Banker 
NMLS# 218520   AZ # LO-0916745   CA # DBO-218520
eMail: korene@klcsloanteam.com 
Mortgage Website:

Text Korene to 87804 for my electronic business card.

Geneva Financial, LLC
15396 North 83rd Ave, Bldg F Suite 101
Peoria, AZ  85381
NMLS: 42056
AZ BK-0910215
Equal Opportunity Lender

Posted in:Mortgage Programs and tagged: FHA Loans
Posted by Korene L Clopine-Seaman on January 20th, 2015 12:05 PM