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Mortgage and Lending - American Financial Network - NMLS #196099
Timely and relevant information about obtaining a mortgage, credit scores, FHA, VA, and No Down Payment Loans in the DC Metro area.
RECENT BLOG POSTS
Houses for sale are in short supply. Multiple offers are the rule, not the exception. What is pushing this sellers market? How much longer can this market continue to rage on?First, we have to look at the reason why there are too many buyers, and not enough sellers. The reason why there are too m...
01/14/2021
A healthy credit score is a requirement for getting approved for a mortgage. The minimum score allowed on and FHA or VA loan is 580, although most lenders won't touch a loan with a score under 620. A minimum credit score for a loan is 620-680; a good score is 680-790; and an excellent score is 79...
11/13/2020
Here is some perspective on current interest rates: Over the past fifty years the average interest rate on 30-year fixed rate home loans have averaged out to 8%. I bought my first house in 1983 with a 14% FHA loan, and was grateful to get 14% because conforming loans were 16%+. I bought my next h...
11/13/2020
I met a man recently at a neighborhood social event. He knew from my mailers in the community that I am a loan officer. He said right away that he had taken advantage of the forbearance law on his house, and he asked if I had taken forbearance. I said no, I don't need forbearance on my loan. He r...
11/10/2020
"Sniff, aaaaahhh... there's nothing like that new home smell." Newly built homes can be the better option for folks who are super-picky about the condition of a house, and the features in the house. I've originated home loans for hundreds of folks buying newly constructed homesThere are significa...
10/29/2020
FHA home loans are great for first time buyers who don't have a 20% down payment for a conventional loan. Pretend for a moment that you wish to buy a home priced at $450,000 and you're the lucky winner of the multiple bids on the house.A 20% down payment for a convential loan would be $90,000 dow...
10/23/2020
Call Markita now to start the pre-approval process: 703-929-2274.
10/23/2020
October 22, 2020The maximum VA loan for veterans to buy with no down payment was $625,500 last year. This year, the Veterans Administration blew the minds of everyon in the mortgage business when they removed the cap, and said the VA will guarantee any loan, of any amount, and require no money do...
10/21/2020
A few weeks ago on a Sunday afternoon I recieved a phone call from one of my real estate agent friends (yes I answered the phone on Sunday). His buyer had been pre-approved by a different mortgage lender but the lender had failed to explain to his client the difference between down payment and cl...
12/19/2015
You have heard it all - now is the time to buy, rates are low, the cost of waiting, etc. The biggest reason I agree with buying now versus later is simply because you are ready to buy a home!Over the next five years a renter paying $2,000 per month will have paid $120,000 towards housing assuming...
10/19/2015
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Markita Woods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
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