What Can You Expect From Lenders?

Today I wanted to talk to you about interest rates, lending programs and the state of the finance world these days. I am with Sarah Gmyr-Maez at the New Mexico Mortgage Advisors Office. Sarah has been one of trusted lenders for quite some time when she came through on a loan for us. Since then, she’s done a few more “pull a rabbit out of a hat” loans. Sarah is a broker where she can work with many lenders giving her the ability to take loans that other lenders aren’t able to do.

Part of Sarah’s expertise comes from years of experience learning the ins and outs of how the process works. Sarah also offers interest rates that are lower than her competitors giving her the edge for people who need that extra buffer. She uses many different investors to ensure she can find you the perfect loan. Sarah offers conventional loans, FHA, VA and jumbo financing. They also offer asset-based loans for those who don’t have a lot of income but have money in the bank and portfolio products for people with multiple properties.

The minimum credit score for FHA is 580 because they have an investor that allows for the lower credit score and VA and conventional loans are 620 and above. You can expect to put a minimum 3.5% down payment on FHA, VA has no down payment requirement and conventional has a minimum of 5% down payment. A 20% down payment on a conventional loan will avoid having to pay mortgage insurance. Jumbo loans are beginning to come back with more competitive rates as well and there are still strict guidelines on lending.

The misconception that there are not a lot of loans available is false; they’re able to do some credit repair and also refinancing as well. Interest rates are still very low and you can reach Sarah at (505) 319-0622 and (505) 898-4800.

Thanks and talk to you soon!