The government deadline for the removal of 100% financing and 40-year amortization is fast approaching, and we’ve already seen most of our lenders remove products pertaining to the government’s imminent changes. There is also talk that the lenders who haven’t already canceled these products will do so within the next week.
If you currently have a pre-approval for either a zero down payment mortgage or a 40-year amortization mortgage, and are looking to purchase a home, your time is running out. The deadline to have your accepted offer to purchase in to First Foundation is October 13th, as the lenders will require time to process your application before the government’s deadline of October 15th.
If, by that time, you haven’t found the home of your dreams, please speak to First Foundation about re-qualification for a mortgage with a shorter amortization and/or a down payment. It would also be a good time to explore your other options, such as a borrowed down payment.
Don’t leave it until the last minute…please contact First Foundation today!