Financing 101

During the financial disruptions and housing downturn of 2006 through 2010, home mortgages went through a great change. Congress passed legislation to provide for greater monitoring of lending practices and many mortgage products were either eliminated or changed. Mortgages became harder to obtain and lending practices became much more stringent. Lenders opted to take the most rigorous standards for lending for fear of government oversight intervention.

Often markets overact in situations, especially if under government oversight. However, lending practices are beginning to loosen and become more common sense again. Some mortgages are available for those with a FICO score less than 600. If you have a FICO score of 600 or greater, you should be able to obtain a mortgage at market rates. Approval times are getting shorter and more people are qualifying for mortgages. Even if you have had a foreclosure or bankruptcy, you may very well qualify for a mortgage again at market rates. Hillstone Homes partners with some of the largest mortgage companies in the US as its preferred lenders.

We establish relationships with them and they are committed to give our home buyers great rates, great service and fast approval times. They offer a variety of mortgage products to help you tailor your mortgage payment to your income. In addition, they are experts at helping our buyers qualify for mortgages. Often a person can, over a short period of time, clear up their credit and qualify for a mortgage. FHA mortgages allow a person to obtain a mortgage with as little as 3.5% down, plus closing costs. VA mortgages allow veterans to obtain mortgages with no down payment, just closing costs. Conventional mortgages allow a buyer to obtain a mortgage with as little as 3% down, plus closing costs.

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Come visit us. Let our mortgage experts help you buy a Hillstone Home!