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Archive for Home Buying


5 Tips for Home Loan Financing

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If you are thinking of financing a new home, 2012 may be the year to pull the trigger. There are many home loan factors to consider when financing a house. Nationwide understands the obstacles that come with financing for first time home buyers and we offer the best home loans available in the marketplace today.  Here are five tips to maximize your home loan financing experience in the New Year.

1. Low Mortgage Rates Ensure Affordability

It’s no secret that home loan rates have been hovering at the lowest levels of all time.  Most economists have forecasted the trend for low interest rates to continue in 2012 mostly because the Federal Reserve has made a strong commitment to back mortgages aggressively until the housing market rebounds. Many loan companies believe that interest rates will remain at record lows to make home buying more attractive. The other driving factor for low mortgage rates has been a sluggish economy. Typically the interest rates stay low when the U.S.economy struggles.

2. Home Prices Have Fallen

In many areas across the country, house values have reverted back to 2002 and 2003 levels. This presents a significant opportunity for first time home buyers to get into a real estate investment at a bargain price. Most realtors have predicted that 2012 will continue to see some great home buying opportunities because foreclosures, short sales and timid buyers have driven the home prices to an extremely attractive levelin most regions of the United States.

Fox News recommended buying a home because of the opportunities that our economic uncertainty have dictated. The reality is that many potential home buyers have been waiting in the wings for the dust to settle with the housing crisis. According to the Mortgage Bankers Association, purchase loan applications declined to the lowest point in 15 years back in August. The lack of home loan applications signals the uncertainty of the housing market but that doesn’t mean that it’s not a great time to purchase a home. If you have the ability to make the proposed mortgage payment without it breaking the bank then it makes sense.  According to B of A loan analysts, Jeff Moran, “Many first time home buyers actually reduce their housing expenses because house prices and interest rates are so low.”

3. Tax Deductibility from Mortgage Interest

One of the driving factors for many Americans to become homeowners has been to reap the benefits of deducting the interest on your home loan payment each month. Most homeowners save thousaands of dollars a year by deducting the mortgage interest for their primary residence.

4. Buying a Home with a Small Down-Payment

Many first time home buyers are attracted to FHA home loans because they only require a 3.5% down-payment.  This allows new home buyers to save their money for important things like moving, buying furniture and saving for a “rainy day.”

5. Flexible Home Loan Guidelines for New Home Buyers

John Giangardella, loan officer at VIP Mortgage in Southern California, said, “FHA is a great asset for the path to home ownership in America.” According to a recent Freddie Mac survey, “FHA interest rates have fallen below 4% on fixed terms for 30-years. There are mortgage insurance premiums that are charged to the borrower but it usually pencils out to make sense.  Giangardella continued, “Low FHA rates and flexible guidelines also help new home buyers get there foot in door.” FHA allows low credit scores and that makes them one of the last bad credit mortgage options this year.”

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Buying a house can be a wonderful experience if you are prepared with a pre-approved home loan and have hired a good local realtor that understand the market and your needs. Obviously signing a hundred legal documents that commit you to a thirty-year mortgage and a house that requires 360 monthly payments will make you think. Home ownership certainly brings new opportunities and tax deductions that are appealing financial, but you want to make sure you are ready before making this major commitment.

With that being said, most people want to own a home in their lifetime so I am asking you this question – – – What are you waiting for? If you have the financial means to come up with the required down-payment and demonstrate enough saving for 3-6 months of housing expenses, then you should pull the trigger on buying a home.  Here’s why: Home prices have dropped drastically to 2003 levels and home mortgage rates have declined to an all-time low. Therefore it is unlikely that you will ever see home financing loans more affordable in our lifetime.

Get Organized and Layout a Strategy to Finance a Home in 2012

The reality is that as soon as banks can recover from the foreclosure crisis and property values shift towards positive territory, interest rates will climb significantly. According to a Mortgage Bankers Association spokesman, “Having the ability to get approved for a fixed rate 30-year mortgage below 4% with only a 3.5% down-payment is a beautiful thing.” This type of low down-payment home loans will disappear and likely not return in our lifetime.  Therefore, the sense of urgency to get approved for home purchase loan today is very real and if we recommend striking while the iron is hot. Nobody knows when interest rates will start to climb, but when you consider history it is very possible that rates double in three or four years.

Choose from the Following Home Financing Programs:

  • Loans for First Time Home Buyers
  • Mortgage Bad Credit Insured by the FHA
  • No Credit Home Loans
  • Conventional Home Mortgages
  • Military Financing with a VA Loan
  • USDA Mortgage up 100% LTV

Home Finance Loan Opportunities

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A home finance loan is an excellent way to invest in a house, and is in fact the largest purchase that most people will make during their entire lives. There are several different options for home financing, and knowing the opportunities you have will ensure that you make the right decision. Different types of purchase mortgage loans and different lenders will provide you with varying rates, terms and conditions, so doing some comparison shopping is important. Whether you are a 1st time home buyer, are reentering the market after renting, or are even looking to buy a second home, you need to know some basic information about home financing before moving forward.

Finance with an Affordable New Home Loan!

If you have poor credit, or do not have the capital to put towards a large down payment, one option you may want to consider is an FHA loan. The Federal Housing Administration is designed to help those who cannot afford to purchase standard private mortgage insurance (PMI). An FHA loan typically offers affordable rates and a low down payment. To qualify for an FHA mortgage, you need a credit score of 500 or greater, and to qualify for a 3.5% down payment, your credit score must exceed 580. Keep in mind that while these are the FHA minimums, the approved home loan lender for FHA you choose (the FHA itself does not loan money) may set its own minimums which override those of the FHA.

If you are a veteran, active serviceman or servicewoman, or are the spouse of a veteran that is deceased due to his or her service, you qualify for a VA mortgage loan. A VA mortgage provides very low rates, can guarantee up to twenty-five percent of a loan, and even offers no money down payment loan programs. These programs are perfect for service personnel retiring from active duty and looking for their first home, and there are a number of options to make the mortgage suit your needs. 100% home loan options are extremely rare in 2011, with the VA and USDA loan being the last 100% options for new home buyers.

Whatever your particular situation, there is a mortgage out there designed to help you afford the house you want. Because there are so many different mortgage lenders and different types of mortgages, doing some research into your financial situation as well as the options available to you is a good way to save you time and money in the long run. By doing your homework and ensuring that you have all the information you need, you will be able to get a mortgage that’s right for you.  Getting approved for an affordable home finance loan is not as difficult as you think.  Take a few minutes and speak to one of Nationwide’s loan professionals and get approved for one of the lowest rate home loans in a lifetime.

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3 Benefits of Home Loan Financing

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In the midst of the housing crisis many pundits have questioned the benefits of home ownership.  We decided to highlight a few of the many benefits of financing a home and becoming a homeowner.  Getting approved for home loan financing can be challenging but it is clearly worth the effort.  Get qualified for mortgage loans does not happen overnight, as borrowers must take the initiative to establish credit and demonstrate to mortgage lenders that you have the ability make your loan payment on time each month.

Once you have ability to get approved for home loan financing here are a few of the significant benefits below:

1. Earn Home Equity with only a small down-payment required.  Imagine if you only had to invest 3.5% of the cost of a stock to own it.  Well when financing a home you become a owner with equity rights with only a small down-payment.  Millions of Americans have earned their retirement through financing a home and reaping the benefits of home appreciation over time.

2. Tax Deductibility – Homeowners have the ability to write-off the interest of the mortgage payments each month.  In most cases, this saves homeowners thousands of dollars each year. Renting does not offer the tax advantages that owning a home enables.

3. Ability to Access Money –  Get approved for a cash out loan is much easier if you have collateral.  Cash refinancing, equity loans and home equity credit lines create a unique opportunity for homeowners to get quick access to cash. This loan article was written by Bryan Dornan.



Just a few years ago, conventional home mortgages dominated the mortgage industry for both refinance and purchase transactions. Since the mortgage market crash in 2006, the government products like the FHA home loan and VA mortgage lending have taken a good portion of the market-share. Today borrowers are looking to FHA and VA for fixed rate refinancing and affordable home buying.

FHA mortgage loans are insured by the Federal Housing Administration and borrowers can get qualified for home buying for as little as 3.5% down. Homeowners that are seeking FHA refinancing may qualify for a rate and term or streamline refinance that also only needs 3.5% home equity. Today, FHA interest rates are available at 4.5% on the 15-year fixed rate option and 4.75% on the 30-year fixed rate mortgage.

VA home loans are guaranteed by the Department of Veterans Affairs. The VA mortgage is a unique option for first time home buyers, because it has a no-down-payment required for eligible veteran home buying. VA mortgage rates are available at 4.375 on the 15-year fixed rate option and 4.625% on the 30-year fixed rate loan. VA refinancing is also available at 100% with both rate and term and streamline refinance options.


Home Buyer Tax Credit

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First time home buyers and homeowners looking to purchase a new home can both benefit from the home buyer tax credit.  FHA home loans continue to drive the home financing nationwide.  The American Recovery and Reinvestment Act of 2009 expanded the first-time home buyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before December 1st. However, the new Worker, Home ownership and Business Assistance Act of 2009 has extended the deadline. Now, taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010.  First time home buyer loans remain a hot topic for the real estate market looking to revive. Unfortunately many consumers have been unable to reap the tax incentives because bad credit home financing is very rare in today’s mortgage climate.

First Time Home Buyer Tax Credit Deadline Extended

For homes bought in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase.  First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date.

General Information Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit:

• Applies only to homes used as a taxpayer’s principal residence.

• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.

• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.