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Clovis Real Estate News

September 23rd, 2009

How to Get a Clovis Home Mortgage, Plus Low Rates

With Clovis home prices the most affordable they’ve been in the past 20 years and mortgage rates at historical loaws (today’s rates are 5.20% for a 30-year fixed loan) it’s a great time to buy a Clovis home. There’s just one problem — unless you have a lot of spare cash laying around, you’re going to need a home loan. But getting a mortgage is a lot tougher these days than it used to be. Banks have tightened their lending standards and now you need a lot more than just good credit to buy a Clovis home. We’ll show you how to get a loan and who to contact for the best mortgage rates in Clovis.

Despite banks’ reluctance to lend, there’s still a great way to get a home loan / mortgage. FHA loans are government backed loans. They’re now more popular than ever because they insure the lender against default. In other words, the FHA backed loan guarantees that a lender won’t have to write off a loan if the borrower defaults. Instead, the FHA will pay off the loan. Because of this guarantee, lenders are more willing to lend to Clovis home buyers.

To read more about FHA loans, click here. Also, here’s 2 articles from CNN.com that explain the lastest on FHA loans:

Clovis Real Estate

If you have mortgage questions or you’re ready to get pre-approved to buy a Clovis home, contact Kathy Tuck. She’s a mortgage planner who can answer all of your FHA questions. Plus, she’ll tell you about all of the current loan programs and best interest rates available for Clovis, CA homes.

Clovis Real Estate − "The Clovis Home Experts"

This entry was posted on Wednesday, September 23rd, 2009 at 1:06 PM and is filed under Buyer Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.