| One of the most exciting
adventures you will ever encounter is
purchasing a home. If your a first time
buyer or an experienced investor we
will make the process quick and easy.
Below is some helpful information to
get you started. To get started right
away click here for our on-line
application.
Many factors are considered
when applying for a low down payment
home loan. These factors include a good
credit background, sufficient appraisal
value, and adequate income to pay the
monthly mortgage payment. While these
factors are important other considerations
are also taken.
Your home loan professional will be
able to discuss your qualifications
with you on an individual basis. At
this time, other factors including your
ability to pay the closing costs will
be discussed. Closing costs are typically
2% to 3% of the price of the house.
Your home loan officer will also discuss
with you certain formulas that are used
to determine your long term ability
to pay for the home loan.
Top
Loans and gifts from family,
friends, and other organizations can
help you put together a down payment
sufficient for your home loan needs.
The percentage of the loan or gift that
is available for use as a down payment
can vary depending on the type of home
loan you qualify for. It is important
to discuss any loans or gifts you plan
to use as a down payment with your mortgage
lender.
Many companies also offer programs to
their employees to make the home buying
experience easier. 401k plans are often
used for this purpose and employees
are permitted to withdraw from their
401k plans without penalty to provide
a down payment on a home loan. Making
use of your 401k program can be useful
and beneficial but there can be drawbacks
that must be examined.
Top
There are national non-profit
organizations dedicated to assisting
homebuyers with their down payment and
closing costs.
Housing authorities are agencies
in cities and states around the nation
that handle housing issues in their
designated areas. Many housing authorities
strive to provide stable and affordable
housing for low and moderate income
persons and create living environments
that help residents learn to live independently.
Your mortgage broker is educated about
current housing authority issues and
can serve as a liaison between you,
the borrower, and your Housing Authority.
Top
Purchasing a home is a goal
shared by many people, but it can be
difficult for some to collect the funds
needed for a down payment. Fortunately,
there are many programs to assist those
who need help with down payments. There
are national assistance programs and
programs specifically for residents
of your state. The precise requirements
of the individual programs will need
to be discussed with your mortgage broker
but many assistance programs do not
require repayment of the gift and do
not place caps on the borrower's income
to qualify for assistance. One such
program is called Neighborhood Gold.
This down payment assistance corporation
provides free grant money to borrowers
with no down payment. The qualifications
for the Neighborhood Gold program are
relatively simple to meet and your mortgage
lenders are knowledgeable of the requirements.
Top
|
