Today was an interesting day for me. I wrote two offers for first time Pasadena home buyers today. Both buyers were pre-approved for an FHA loans with a direct lender and a mortgage broker.
The interesting part was not the number of offers written, but the fact that both buyers were using FHA financing to purchase their homes. In the banking climate where money is difficult to come by, financing is tight and most buyers believe that large down payments are necessary to be able to be fully approved for a great loan with only 3.5% down is amazing!
Also, there are several FHA lenders offering loans at incredible interest rates.
If you qualify for an FHA loan, Countrywide is offering 5% interest rates, fixed over 30 years with no points.
Buyers only need 3.5% for a down payment.
Since both of these buyers are first time home buyers, they will also qualify for an $8,000 tax credit! Pretty darn good!
Interested in learning more about FHA loans, tax credit and purchasing your first home in Pasadena, give me a call at 626-627-7107. Also, I’d be happy to provide you with a recommendation to great lenders including one of the best loan officers at Countrywide.
In the meantime, take a look at these Pasadena homes for sale under $500,000:
Posted by Irina Netchaev, your Pasadena Real Estate Agent.