Whether you’re a first-time homebuyer or purchasing your second home, when you begin your home buying process, you need a good idea of what you can afford and where your price point should be.

PRO TIP: We suggest speaking with a lender to determine your buying power and payment comfort level. Contact Us for a referral.

Please consider the following.
The most common loans include:

• Fixed Rate – These are conventional loans with fixed, stable interest rates for the life of the loan, usually 30 and 15-years.
• Adjustable Rate – Adjustable Rate Mortgages (ARMs) start with a low rate for a specific period, then fluctuate based on the market conditions. ARMs are better suited for borrowers who want to stay in their homes for shorter periods, such as eight years or less.
• FHA – The Federal Housing Authority (FHA) secures the loan, which is generated by a mortgage lender. FHA loans are helpful for many first time home buyers as only a 3.5% down payment is required. Borrowers must pay mortgage insurance for their FHA loans, which generally carry attractive mortgage rates and less stringent guidelines.
• Jumbo – These loans are for buyers who must borrow more than conventional limits set by Fannie Mae and Freddie Mac – $417,000 for most of the country, and up to $729,750 in higher-priced markets. The interest rate is generally higher because there is more risk to the lender.

Your Perfect Sun Properties agent can help you determine what will work best for you. Contact Us today to find your Perfect Home!