Mortgage News You Can Use -No Need To Wait

Mortgage news  can use                        Colonial porch Tulips web


No need to wait to buy a home, here’s why

Two years employment is not required-

  • applicants school time is considered part of a two year work history
  • Applicants who have changed jobs in the last two years in the same field are OK even with some gaps between jobs
  • Self employed persons still need two years experience, however some approvals will allow one year of tax returns for the income average
  • Applicants with a firm employment contract may start new jobs by the due date of the 1st mortgage payment
  • Non-occupying co-borrowers income can be blended for qualification with low down payments. Relatives or established relationships are suitable co-borrowers


20% down payment is not necessary for many lending plans-

  • VHDA 1st time home buyer funds are available at 100% of sales price to $417,000
  • Veterans can purchase with 0% down payment to $625,500
  • Agency high costs loan limits are available in our area for 5% down payment to $625,500
  • Piggy back 1st and 2nd trust loans can provide 10% down payment to almost $1 million sales price
  • Mortgage insurance PMI costs have been slashed for higher credit scores and PMI price adjustments for loans above $417K have been removed
  • FHA offers lower credit score applicants 3.5% down payment to $625,500 in our area.
  • Non-conforming mortgage programs over $625,500 loan amount are available with 15% and 10% options

*lower housing investment opportunities provide funds for home renovations and cash reserves after closing, lower mortgage rates boost home affordability


Mortgage rates near 2012 record lows


Freddie Mac’s average 30 year mortgage reported 3.48% with .5 discount point.  The record low was 3.31% in November of 2012. One year ago the average 30 year rate was 4.08%. Mortgage bonds benefited from the Brexit vote as traders poured money into safe haven bonds. Expect volatility as stock markets recover and global news moves credit markets up, down, and sideways. The average 15 year mortgage rate last week was 2.78%.     Low mortgage rates and  flexible lending options are a boost to home affordability.


I am available this weekend @ 703-303-6434. I appreciate your purchase, refinance, and HELOC referrals!

John Melnick II

Senior Loan Officer

NMLS ID #527960

Presidential Bank Mortgage

11320 Random Hills Rd. Ste 100

Fairfax, VA 22030



703-277-2882-F  online application

Reliable local mortgage service you can bank on

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