Welcome to the latest episode of El Equipo Casa with Priscila Félix, where we delve into the significant changes affecting the mortgage industry, specifically for non-permanent residents. If you're in the market for a new home and require financing, understanding these updates is crucial.

In this episode, we explore the evolving guidelines for FHA and USDA loans and their implications for individuals holding work visas, asylum seekers, and DACA beneficiaries. With changes effective from May, these groups may no longer qualify for FHA loans, pushing them to explore alternatives such as conventional or private-financed loans.

Join us as we discuss how these changes impact the demand for affordable housing and what non-permanent residents can do to navigate the shifting landscape. Whether it’s improving your credit score or saving more for a down payment, we provide actionable advice to help you stay prepared.

Don't miss this essential conversation that equips you with knowledge to make informed decisions about your home-buying journey amidst regulatory changes. Contact Priscila through the provided platforms if you have further questions or need expert advice on your mortgage options.

Welcome to the Home Team Podcast with your host, Priscilla Felix, a seasoned mortgage loan officer. In this episode, Priscilla unravels the home buying process, making it accessible and manageable for first-time buyers and seasoned homeowners alike.

Start with understanding the importance of your credit score, as it influences loan options and mortgage rates. Use resources like annualcreditreport.com for a free report. Next, learn about saving for your down payment and explore different loan types such as VA, USDA, FHA, and conventional loans.

Get pre-approved with the guidance of a mortgage professional, ensuring you have all necessary documents ready. Discover how to find the right home by balancing essential and desirable attributes. Priscilla shares personal anecdotes, highlighting the excitement and satisfaction of successful home hunting and offer negotiation.

Finally, delve into the closing process, from underwriting and appraisals to title checks and the triumphant closing day. Gain insights on avoiding common buyer mistakes and preparing thoroughly for a smooth purchasing experience.

This episode is packed with actionable advice to boost your confidence in navigating the home buying landscape. Happy home buying and welcome to the Home Team!

In this episode, Priscilla Felix, a seasoned mortgage loan originator, delves into the world of mortgage products. Whether you're a first-time homebuyer or considering refinancing, understanding the various mortgage types is crucial. Priscilla begins with the fixed-rate mortgage, emphasizing its stability and predictability, ideal for those who appreciate consistent payments. She then explores adjustable rate mortgages (ARMs), which offer lower initial rates but come with future payment uncertainties, making them suitable for those expecting financial improvements over time.

Additionally, Priscilla breaks down FHA loans, perfect for first-time buyers with lower credit scores, offering less stringent down payments. For military personnel and their families, she explains the benefits of VA loans, highlighting their favorable terms and lack of down payment requirements. Lastly, USDA loans are covered, focusing on their suitability for rural homebuyers with lower incomes.

Listeners are encouraged to consider their personal financial goals, tolerance for risk, and long-term plans when choosing a mortgage product. Priscilla's insights aim to equip listeners with the knowledge needed to navigate the complexities of home loans, ensuring they make informed decisions tailored to their unique situations.