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Easing Your Way Into Homeownership: How Your Real Estate Agent Can Help You Qualify For A Low Down Payment MortgageW. Troy Swezey For many renters, the first step in buying a home is becoming educated about the process. If you’re like many people considering a home purchase, you’ve spent nights and weekends poring over your local real estate section. You’ve talked to friends and relatives about their experiences. Maybe you’ve even purchased a book or tow to help you become more familiar with real estate terminology and the various types of mortgages commonly used today. Coming up with a down payment and finding a loan that meets your needs are the greatest hurdles faced by first-time homebuyers. So, you may even have leafed through stacks of brochures and flyers from lenders offering down payments that are far less than the 20 percent you’d always thought you’d need to save before you could buy. With so many excellent first-time buyer programs to choose from these days, you practically need to be an expert to sort through them all. That’s why if you’re a first-time homebuyer seeking a low down payment loan, you’ll save time by selecting a professional real estate agent who is experienced in working with people just like you in the area where you plan to buy. An agent who frequently assists first-time buyers will know from experience which lenders in your area offer a low down payment program that will most closely match your needs. A professional real estate agent can help you determine whether you are likely to qualify for these special programs, since participation in some may be limited to buyers under a certain income level or for the purchase of homes below a certain purchase price. Your agent also will be able to tell you whether there are other requirements you must fulfill in order to be considered. With some programs, for example, you must attend an educational seminar before you can be considered for one of these low down payment loans. It’s important that your agent become familiar with your current financial situation. Before you meet with your agent to discuss your financial situation and housing needs, you’ll want to collect some basic information to make the process easier. Be prepared to show recent paycheck stubs or pay vouchers to certify sources of income; a complete list of current credit card, auto and other consumer credit payments you make each month; and recent bank and savings statements. These documents will help you and your agent determine how much home you can afford. It’s also important that you disclose any prior credit problems or late payments. Your agent may be able to suggest ways to remedy any negative remarks on your credit report that could disqualify you from a low down payment loan program. In addition, because most lenders will require that you have several months of house payments in the bank as a reserve, your agent may be able to suggest ways you can increase your savings in the weeks and months leading up to your home purchase. Don’t forget that some programs allow you to apply a cash gift from a family member to cover the required down payment and losing costs. Your agent also may know a motivated seller who would be happy to assist you in accomplishing your home purchase by caring a second mortgage. A second mortgage is helpful because it reduces the amount of the first mortgage you need to obtain. In some cases, a second monthly payment and generally is required to protect the lender when a down payment is less than the standard 20 percent of the loan amount. Even if your seller isn’t willing to take a second mortgage to complete the sale, he or she may be willing to pay your closing costs, which will reduce the amount of cash you need to have on hand up-front. With interest rates edging up, innovative mortgage financing programs that require a low down payment are even more important than ever to first-time buyers. A professional real estate agent can help you sift through the countless programs that are available and help find the one that’s mortgage can eliminate the need for private mortgage insurance, which is added to your right for you.
| ![]() | ![]() | ![]() | RELATED ARTICLES Cost of Living Analyses If youve ever moved from the Midwest or the South to either coast, you realize just how different the costs of day-to-day living can vary among various U.S. cities. Many transplanted families pursue cross-country moves with the knowledge that their new hometowns will be more expensive. And many employers recognize that impending cost-of-living increase with a "cost-of-living allowance" -- a slight raise in salary so that an employee may maintain his or her current standard of living without having to tighten the purse strings upon arrival. Dead Silence From Your Prospect: The Worst Sound Of All Could this be the worst moment in your selling cycle How Good a Deal Is Your Banks Mortgage Insurance Plan When you go to the bank to get a mortgage, youll inevitably be asked to take out mortgage insurance. 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Where Can I Get a Home LoanHere Are The Top 5 Mortgage Lending Institutions There are hundreds of sources for home loans online and right in your neighborhood.Banks, Credit Unions,Mortgage Bankers, Government Agencies and Private Sellers all offer different sources of financing for anyone shopping for a mortgage. What is a Bridging Loan A bridging loan as the name implies is a loan used to “bridge” the financial gap between monies required for your new property completion prior to your existing property having been sold. Unilateral Disarmament - The First Step to Improving Communications with Your Teenager Many times, we are so conditioned in how we speak that we do not realize whether or not we are effectively communicating with our teens. This is especially true when they upset us. Anatomy of an Online Marketing Failure Wife: "Im getting sick of these harrassing bill collectors who call me all hours of the night and day." How To Tell if a Property is Overvalued In the wake of the incredible house price boom witnessed in most of the developed world over the past decade, a lot of ideas have sprung up as to how to value a house fairly. The reason for this is that traditional methods, such as working out house prices as a multiple of salaries, or perhaps mortgage affordability as a percentage of income, seem to have stopped working recently. Credit Help For Renters And Others On The Horizon Sue is a homeowner and pays her mortgage and other bills on time like a good credit consumer.Sue’s on-time mortgage payments are reflected in her credit score profiled by the three major credit bureaus; Equifax, Experian and Trans Union. Are You An Innocent Victim of These Popular Myths Misconceptions, misinterpretations and just plain “untruths” are floating about income taxes. Believing them could be costing thousands of tax dollars! Benefits to RSS RSS streamlines communication between publishers and readers. 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Did you decide what you wanted to do or are you one of a growing number whose work was dictated by circumstances or their parents Real Estate Professionals Need You to Write for Them! Ask yourself these questions:Are you an experienced writerDo you want to stay at home to writeDo you want to work for yourselfDo you learn new things quicklyAre you interested in a broad number of subjectsDo you feel like you’re being pigeonholed with your current writing and you want to branch outDo you have a flair for marketing What You May Not Know About Your Mortgage Note By now, many of you are already somewhat familiar with private mortgage notes and how they are used to help facilitate the sale of a property. You may also know that there is a whole industry out there where note investors are in the market to buy your mortgage note. Wealth Creation and Mortgage Planning - Two Great Tastes that Taste Great Together What if I were to tell you that almost everything you have been told about what to do with your home has been absolutely wrong and that one of the worst ways to build wealth is through your home And what if I further went on to show you that anyone who perpetuates this myth probably is not your best source for accurate financial information 13 Steps to Increasing Your Link Luck Link development can be an absolute nightmare. It takes up most of a marketer’s time and the yield isn’t always what we originally hoped. Worrying about PR, one way inbound links, triangle linking, where to find quality sites to exchange with, it’s all just a huge headache. To be honest, there’s no real way to wash your hands of it, unless you have a huge budget for purchasing text links or to hire someone to do your linking for you. So here are 13 ways to increase your linking luck. They require a little bit of effort, but executed properly, these steps will only bring your site success. OPM - The Art Of Leveraging Equity lender, hard money lender, private investor or what ever term one uses can be a great source of funds to do real estate transactions and the question of how to find them comes up often! Why You Need a Home Loan Countrywide Loan From a small office in 1969, home loan countrywide has achieved recognition among consumers and investors as one of Americas leading home finance companies. Evidence of growth and industry leadership is home loan countrywides inclusion in the S&P 500, Forbes 500 and Fortune 500. Home loan countrywide began with a vision - to make the dream of homeownership accessible to everyone. Over the years, the company has grown, as have the ways in which they serve their customers. They have leveraged their skills in mortgage banking into diversified businesses that work together to provide customers with a complete range of financial services under one roof. Their diversification includes capital markets, insurance and a recent expansion into banking services with Countrywide Bank. In addition, home loan countrywide is also bringing a brand of financial services and customer satisfaction to the United Kingdom.Home loancountrywide is involved in the development of world-class proprietary financial systems has provided them with a sizable competitive edge and given them a front-runner position in penetrating financial services markets both domestically and internationally. Start A Business For Under $100 There are a multitude of magazines and websites devoted to the sprit of Entrepreneurs, who by the way provide almost seventy percent of private sector jobs.The dream of almost every employee is to fire their boss, and start a business of their own.The best part about this dream is that it can be accomplished, and most ventures can be started for less than $100. ![]() |
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