When you are going to buy a house and get a mortgage – you are really making two purchases – not one! Too many people make the mistake of thinking they are only buying a house, when they are actually buying a house and a mortgage.
So, which is easier, getting a home seller tone day with the dream of getting a mortgage, the dream is to own a homo agree to sell you their house, or getting a Mortgage Lender to approve your loan application? Obviously, getting a house under contract is pretty simple – getting a mortgage can be simple, too, if you are working with the right mortgage professional. In all our years of mortgage lending experience, we have never met anyone that woke up e. So people start looking for a home first, and that can be a HUGE mistake!
At this point of our country’s economic cycle, a lot of people have some kind of credit problem. This QRM rule means a high percentage of people will need to put a lot more down on their mortgage, or find a lender willing to keep money in the loan to reduce risk. All around, it seems like a difficult situation at best, more likely impossible.
As a first time home buyer, you have the option of FHA. That loan program requires 3.5% down. But that still may be a difficult thing for someone who’s renting and just starting out in life, like a first time home buyer. There are still options, you could mortgage your house. In fact, these 100% financing options aren’t just for first time home buyers. You can take advantage of these loan programs even if you’re already in a home, and want to upgrade.
Yes, you can find what amounts to “zero down mortgages” for first time home buyers. You either need to be a veteran, or find a home that qualifies through the USDA Rural Development program.
Learn more about Obama Mortgage Relief Plan Qualifications.
Author: John RoneyThis author has published 14 articles so far.