One of the most exciting adventures you will encounter is purchasing a home. If you’re 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.
Low Down-Payment Qualifications
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 closing costs will be discussed. Closing costs are typically 2%-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.
Housing Authorities
There are national non-profit organizations dedicated to assisting home buyers 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 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.