This is the first in a series of informative articles to help home buyers, sellers and owners understand the mortgage options available today Check back often to see any new information posted to help you make informed decisions and to keep abreast of the most recent changes in lending guidelines.  Also, take a moment to access the links shown to access the most timely and accurate information available.No doubt you’ve read about the problems plaguing the mortgage industry over the past year, so I won’t restate them here.  My goal is to give a broad overview of what’s available to the public at this time; a roadmap to help make you aware of what can and can’t be done with residential financing.First and most importantly, it’s still easy to get a mortgage.   That’s right, easy, especially if you’re prepared.  There was a brief period when the entire industry simply froze up as hundreds of lenders went out of business or were bought by larger, more stable banks and the economy teetered on a possible depression.   We’ve come through that now.  All qualified buyers are able to finance or refinance 1-4 family owner-occupied, second homes and investment properties, as long as they meet the guidelines based on income, debt and credit scores.  The rules are strict, there’s little or no flexibility and the paperwork required can be substantial but if you meet the criteria, your deal can get done.  Basically, it’s the way it used to be 10 or 12 years ago.Rates are at their historical lows, home prices have dropped from their inflated levels and tax incentives can provide even further savings to first-time and move-up buyers. For those that qualify, it’s really one of the best opportunities we’ve seen in decades.Complete and accurate information is more essential than ever when navigating the process.  Recent legislation has made lenders more transparent in their disclosures but nothing beats having the assistance of a trusted professional to review all options available to you and your family.A Pre-Approval is one of the best tools offered in this market.  More substantial than a “pre-qualification”, a Pre-Approval shows the seller that a lender has accepted your qualifications to buy a home at a particular price.  After providing basic documentation to the bank, including W-2’s, paystubs and bank statements, a credit report is run and if all approved, a commitment letter is issued to officially show that buyer to be qualified for the home purchase.  This is important for 2 main reasons; it can identify potential issues the buyer was unaware of that can be fixed in time for their purchase and shows a seller that they’re safe in accepting that buyers offer.  Choosing the safest and strongest offer is paramount to a seller, since it gives them the peace of mind that they can move forward with their own move.Most lenders offer this Pre-Approval service at no cost or obligation.  In today’s more restrictive lending environment, no serious buyer shops without one and very few sellers will consider an offer without seeing it.Now for the overview: Mortgage amounts up to $417,000 called “conforming” loans because they follow the guidelines of FannieMae and FreddieMac, the government sponsored organizations that set the rules most lenders adhere to.  If “Fannie” and “Freddie” don’t allow it, neither will the lenders.  These loans have the lowest interest rates.  Loan amounts from $417,001 to $729,750 are called “high-balance conforming loans”, with rates usually from 25%-.5% higher.  Above $729,750 is considered “Jumbo” lending, with slightly higher rates and more restrictive guidelines to follow.In addition to these “conventional loans”, another category offering their own benefits are called “government” loans, which include VA, FHA and SONYMA programs.  Each offers particular benefits but come with restrictions or qualifying guidelines that only pertain to certain buyers.  These are great programs that should be explored before a buyer makes any decisions.Loans with less than a 20% downpayment require PMI (private mortgage insurance), usually in the form of a payment added to your monthly bill.  In many cases, people look to benefit from a downpayment of 10% of the sales price or more, but an FHA loan allows as little as 3 1/2 % down and that entire amount can be from a qualified gift A VA (Veterans Administration for active or discharged military personnel) loan still allows up to 100% financing.Some very basic information will determine which loan options are best for you. Because of all the industry changes occurring over the past year, it’s very important to get accurate and complete information up front in order to make the best choices for you and your finances.Please call if you have any questions or would like more information.Best of luck and happy house hunting!