Shores Summer 2022
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
MORTGAGE MINUTE WITH<br />
Kristen<br />
Ambos<br />
& TEAM<br />
Written By Olivia Kassner<br />
Photography By Julie M. Gile Photography<br />
Kristen Ambos and her team want to educate area homebuyers so they can take<br />
advantage of the great lending programs available through the United States<br />
Department of Agriculture (USDA) that incentivize properties in rural<br />
communities.<br />
“It’s a phenomenal product that is super under used,” Ambos says, “it’s like free<br />
money!” Many lenders aren’t educated on the products, so they don’t offer them<br />
to their borrowers, even though they can be a better option financially for their<br />
clients.<br />
There are many advantages to USDA loans; the most prominent is that it requires<br />
0% down. This is especially helpful for those whose cash is tied up and don’t<br />
think they can make a down payment. They are also flexible on credit scores, so if<br />
a borrower has a lower score or is working on building their credit, they still can<br />
qualify for a mortgage.<br />
Another way it saves borrowers money is that the PMI is about half of a typical<br />
FHA loan, so the monthly payment is more affordable. There is also no<br />
prepayment penalty, and they are based off of a conventional 30 year fixed<br />
mortgage.<br />
There are a few drawbacks, though usually they aren’t significant enough to<br />
warrant Ambos recommending a different product. First, eligibility has<br />
geographical restrictions, but this itself is a misconception because almost<br />
everywhere but large cities qualify, which means most of Wisconsin and the<br />
Midwest is included.<br />
There are also income restrictions that are based on the number of people in the<br />
household, so it can be a great product for those who earn more but again are<br />
short on cash assets for a down payment. The 0% down also means more money<br />
available to help with closing costs or appraisal gaps.<br />
The process is the same as other loan products, so it’s not more complicated<br />
than conventional mortgages. All it takes is approval from the USDA, which can<br />
sometimes take a week to get.<br />
Ambos recommends that homebuyers who are interested in the program go to<br />
the USDA loan website, enter the property they are looking at purchasing, and<br />
check if it’s eligible. She is a huge believer in government loan products, and her<br />
team has written many USDA loans over the years, always recommending them<br />
to those who qualify. She warns that it is important to work with an agent that<br />
understands them inside and out, so that they can reassure a seller that they are<br />
a qualified buyer.<br />
Kristen Ambos and her team are experts in the mortgage field. Not only a<br />
resource to her current clients, Ambos uploads weekly Mortgage Minute videos<br />
and has a wealth of information on her social media pages. She is a great person<br />
to get in touch with for any mortgage questions, and she is truly passionate<br />
about helping buyers get into their dream home. Follow along on her Instagram<br />
@kristen_ambos and YouTube page for the latest market updates and mortgage<br />
advice.<br />
Offices in Door County, Green Bay and The Fox Valley<br />
Kristen Ambos | VP of Mortgage Lending<br />
O: (920) 785-5274 | C: (920) 606-1156 | Rate.com/KristenAmbos | Kristen.Ambos@rate.com<br />
4321 W. College Ave., Suite 200, Office 247, Appleton, WI 54914
Change language