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Categories: Buyers, The Real Estate Process-How Does this work?
Posted on May 20th, 2010

woman-money-fanThis offer ends soon ( you must make a loan application by May 31st, 2010) so act quickly!

Jacksonville, FL based Gibraltar Mortgage, an affiliate of Wells Fargo Mortgage, recently announced a program where they will buy down the interest rate of your FHA or VA 30 Year Fixed mortgage by 1% for the first year for FREE.

FHA loans are available to all buyers purchasing a primary residence assuming they don’t currently have an FHA loan. Loan limits for the surrounding areas is $387,500.

VA loans are for current or former members of the military, national guard or reserves. There are qualifying parameters based on the veteran’s participation. The VA loan limits for Duval, Clay and Saint Johns County are based off conforming loan limits of $417,000 pursuant to the veteran’s remaining eligibility.

To recap…. the maximum amount that you can borrow with a VA loan is $ 417,00  and with FHA is $387,500K. Note that these are the maximum LOAN amounts, not the maximum purchase prices.
Thinking of buying? Or perhaps, you’re already under contract and talking to several different lenders.  Click here to contact Jamie Zeitz of Gibraltar Mortgage to get more details about this exciting program!  Home prices are VERY attractive and with mortgage rates like this, it’s a fabulous time to buy!

Thanks for reading. We write primarily about the state of real estate in Avondale, Ortega and Riverside. We’d love to have you subscribe so you can hear about the latest news for the area — new listings, recent sales, price reductions, mortgage news and more!

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If you or someone you know is thinking of buying or selling a home in Avondale, Ortega, or Riverside give us a call at 904-252-5181 or send us a note.

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Allison Steilberg

Realtor®
Berkshire Hathaway HomeServices Florida Network Realty 3627 St. Johns Avenue Jacksonville, FL 32205 904-252-5181 (Allison)