Sept. 26, 2017
As your local real estate resource we are always striving to help residents of Avila Beach make good decisions about their money when it comes to real estate. Whether it's finding the right house, selling your home for top dollar, recommending a great contractor, inspector or painter or how you can save on taxes we're always sharing what we know and what we've learned to help you and earn your trust. One of the questions we get quite often from our existing owners and buyers in Indian Hill is where do I go for financing. Until recently there were only a couple options and they were not always offering great rates or prompt and timely responses and funding. Because
Indian Hill is not FHA approved it was difficult to get good financing options at reasonable rates.....until now. Thanks to the diligent efforts and relentless follow up of Alex Miller at Pacific Trust Mortgage Indian Hill is now FHA approved. That means you can get the best rates and terms on a purchase or refinance. If you have any financing questions, especially around Indian Hill, I STRONGLY recommend you give Alex a call at 805-543-4422. Here are the details Alex shared:
Pacific Trust Mortgage now offers traditional FHA financing for the Indian Hill community!
• 30-Year and 15-Year Fixed Terms available.
• Loan amounts up to $586,500.
• Only 3.5% down payment required for purchases.
o Rate & Term refinance.
o Cash-out refinance (up to 85% loan-to-value).
Important factors for qualifying:
• Must be owner-occupied.
• 580 Minimum FICO Score up to $424,100 loan amount.
• Structure must have been built after June 15, 1976 and contain a HUD date plate certificate and HUD seal/tag.
• Structure must be permanently affixed to the foundation.
• Additional property inspection and verification is required for remodel work and additions that have been completed to the structure.
Current FHA Rates* (as of May 22, 2017):
Conforming (loan amount ≤$424,100):
30 Year Fixed = 3.750%
15 Year Fixed = 3.375%
High-Balance Conforming (loan amount ≥$424,150):
30 Year Fixed = 4.250%
15 Year Fixed = N/A
*Rates provided are based on 720 mid-FICO score and zero points.
If you have more questions about this great news call us at 805-595-2444 or Alex at 805-543-4422.
(Originally published in the Avila Beach News, June 2017)