ALERT HOME BUYERS THIS IS HUGE!!!

This alert is going out to all Atchley Group prospective home buyers and we wanted the public to know as well.

Buyers please be advised, this is the second time today this has come across our desk, we know you have been looking for a while but the times are changing. If you have an older preapproval letter please contact your lender and make sure this does not affect you. Changes come more often now, but rates are GREAT! So please make sure you keep in contact with your lender, if you are needing a new lender please contact Heidi Rose at The Atchley Group 405-274-9210 for a list of proven and reputable lenders.

****IMPORTANT****

Effective immediately, 100% conventional mortgages have been eliminated from the mortgage market. This is an industry-wide guideline change. Regardless of credit score, income, or debt ratios, 100% conventional mortgage financing has come to an abrupt end. A 3% minimum down payment will be required by all borrowers. FHA loans with down payment assistance from the seller (if seller is willing) still exist. This type of loan allows the seller to pay the borrower’s down payment of 3%. Seller must be willing to participate in this type of transaction. There are still great mortgage programs for borrowers and rates are still low. However, it is more important than ever for borrowers to have their credit, assets, and down payment in the best shape possible if they expect to qualify for a mortgage, especially if they expect to qualify for the preferred programs with the lowest rates and fees. Make sure you are working with an experienced and reputable Realtor. Also make sure you are working with an individually licensed loan officer. Ask for their individual license number. Don’t except a blanket license for everybody in the office. Get theirs, and match it with the Department of Consumer Credit’s database to make sure that they are current on licensing as well as continuing education.