The market in Pensacola has picked up. Although foreclosures are continually coming on the market, they are also being sold. Financing is becoming more available. FHA has raised the price limits across the board between $271,050 – $625,500 depending on the area of the country.

As a buyer you will still need 3.5% of the sales price as a down payment and closing costs are negotiable. With military bases from Pensacola to Milton to Mary Esther Florida, VA loans are popular. If active military personnel or retired military have ever used a VA loan they must be sure that the previous loan has been paid off and entitlement to a Certificate of Eligibility is available. There are times when someone has assumed a VA loan and may have paid it off but It was never discharged. This needs to be cleared up front as to not hold up the current closing on a new purchase. Be sure to let your loan officer know if you have used your VA eligibility before.

Credit scores are extremely important but don’t think that if you have had a bankruptcy of have a credit problem due to a divorce or health problems that you can’t qualify for a loan. Be honest with your lender about your past and current situation.

Example: if you are paying child support, that is a debt. If you pay alimony, that is also a debt. On the other hand if are receiving either of these this will add to your income if payments will continue for more 2-3 years.

With interest rates at their lowest in many years explore all avenues available for loan availability. As home prices have dropped drastically, the combination of the two make now a great time to buy. If you’d like to check out homes in our area, click here.