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MORTGAGE MINUTE WITH Kristen Ambos & TEAM Written By Olivia Kassner Photography By Julie M. Gile Photography Kristen Ambos and her team want to educate area homebuyers so they can take advantage of the great lending programs available through the United States Department of Agriculture (USDA) that incentivize properties in rural communities. “It’s a phenomenal product that is super under used,” Ambos says, “it’s like free money!” Many lenders aren’t educated on the products, so they don’t offer them to their borrowers, even though they can be a better option financially for their clients. There are many advantages to USDA loans; the most prominent is that it requires 0% down. This is especially helpful for those whose cash is tied up and don’t think they can make a down payment. They are also flexible on credit scores, so if a borrower has a lower score or is working on building their credit, they still can qualify for a mortgage. Another way it saves borrowers money is that the PMI is about half of a typical FHA loan, so the monthly payment is more affordable. There is also no prepayment penalty, and they are based off of a conventional 30 year fixed mortgage. There are a few drawbacks, though usually they aren’t significant enough to warrant Ambos recommending a different product. First, eligibility has geographical restrictions, but this itself is a misconception because almost everywhere but large cities qualify, which means most of Wisconsin and the Midwest is included. There are also income restrictions that are based on the number of people in the household, so it can be a great product for those who earn more but again are short on cash assets for a down payment. The 0% down also means more money available to help with closing costs or appraisal gaps. The process is the same as other loan products, so it’s not more complicated than conventional mortgages. All it takes is approval from the USDA, which can sometimes take a week to get. Ambos recommends that homebuyers who are interested in the program go to the USDA loan website, enter the property they are looking at purchasing, and check if it’s eligible. She is a huge believer in government loan products, and her team has written many USDA loans over the years, always recommending them to those who qualify. She warns that it is important to work with an agent that understands them inside and out, so that they can reassure a seller that they are a qualified buyer. Kristen Ambos and her team are experts in the mortgage field. Not only a resource to her current clients, Ambos uploads weekly Mortgage Minute videos and has a wealth of information on her social media pages. She is a great person to get in touch with for any mortgage questions, and she is truly passionate about helping buyers get into their dream home. Follow along on her Instagram @kristen_ambos and YouTube page for the latest market updates and mortgage advice. Offices in Door County, Green Bay and The Fox Valley Kristen Ambos | VP of Mortgage Lending O: (920) 785-5274 | C: (920) 606-1156 | Rate.com/KristenAmbos | Kristen.Ambos@rate.com 4321 W. College Ave., Suite 200, Office 247, Appleton, WI 54914
OWNER & BROKER DIANE TAILLON LOCATED IN BEAUTIFUL EPHRAIM, WI BUY | SELL DOOR COUNTY LUXURY REAL ESTATE SPECIALIZED & EXPERIENCED IN WATERFRONT & LUXURY DOOR COUNTY PROPERTIES y diane@arborcrowneproperties.com | 920.421.3272 | 9980 Water St, Ephraim, WI ARBORCROWNEPROPERTIES.COM
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