Mortgage Information
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If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing. Foreclosed properties most often require special financing as generally no repairs are allowed before closing. Standard government backed loans require any appraisal or lender required repair to be done before closing. All require that you pre qualify before making an offer so the REO buyer often finds theirselves in a "what do I do now" situation. The best loans for the as is sale in my opinion, are conventional renovation or rehab loans and the FHA renovation loan. Check with your lender to see if they have these products and if not, feel free to give Chandra Toop at People's First a call about their available loans. |
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Use the mortgage calculators below to assist you in making some decisions around financing your new home.
Mortgage Qualification Calculator
This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.
Mortgage Payment Calculator & Amortization Table
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.