Mortgage Money is Available at Nothnagle!

Contrary to what you may think based on media reports, conventional financing is still available with as little as a 5% down payment. Sellers are permitted to pay up to 3% of the sale price towards the buyer’s closing costs. While the credit guidelines on conventional financing have tightened, loans are readily available to borrowers with average credit – that is credit scores of 620 or higher.

Many of our clients have qualified for FHA loans with up to 97.75% financing available. FHA loans allow lenders to be more flexible with damaged credit, require a minimal down payment and allow for a 6% seller’s concessions applied toward the buyer’s closing costs. Maximum loan amounts for the Rochester region are $271,050 for a single family property. It is important to highlight the basics of FHA financing as it provides a great example of flexible mortgage programs available for our clients who do not have perfect credit or 20% for a down payment. (Minimum credit score required for FHA is currently 580 or better.)

Market participation for the company is at its highest level ever and in addition to consumers, agents are also flocking to Nothnagle Realtors because of the tools and services the company offers. This year alone, 70 experienced agents have already left a competitor to join Nothnagle Realtors.

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