Cyd West Discusses Why It's a Great Time for a Loan in Central Texas

Hello everyone! When you are considering buying a home, you not only want a realtor you can trust, but a mortgage lender, as well. That’s why I have with me today, Cyd West.

Some of you may have worked with Cyd before, but those of you who haven’t, I assure you, she is the best!

Cyd West

Jean and I have a lot of experience working together. Never in my career, have I seen such a wonderful time for buyers. With low prices, low interest rates and motivated sellers it’s just a phenomenal time to be in the market.

One of the advantages we have right now in our local market is doing lots of VA Loans. The underwriting process for VA Loans has changed much less than others. You have the option of no down payment, rates are low and the underwriting rules are designed to understand people who move around the country a lot.

Some of our smaller communities in Central Texas also have the option of USDA Financing.

I strongly encourage anyone thinking of buying to do so now! There has been a lot of talk about the recent increasing interest rates. The Federal Reserve recently announced they are stopping quantitative easing after this year. Because of this, the ability to get a mortgage loan is becoming increasingly harder.  While I do not expect rates to skyrocket, they definitely won’t remain this low!

One of the recent changes to underwriting is the Ability to Repay Test.  Many lenders before the housing market crash did not stress so much over your ability to repay as long as you had a good credit score and large enough down payment.

I am proud to say that First National Bank has always abided by the Ability to Repay Test; we want to protect the money from our clients and not just hand it out freely.

I want to thank Jean and everyone from the Shine Team. If you have any questions, please call me at 254.690.3765.