What steps do I need to take to obtain mortgage loan financing?
Getting qualified for a mortgage does not have to be a painful and daunting process! Yes, you do have to submit some personal and financial information; but it will only benefit you when the lender looks at your complete financial picture to determine the best financing options for you situation. Contact Paul for a pre-qualification form to find out your financing options and affordability level.
If you have already contacted a mortgage company and are in the process of getting qualified, congratulations, you've got the ball rolling! Paul can assist you in comparing loan products, interest rates, payment terms and other loan details to help determine which mortgage is the best deal for you.
Are there income guidelines associated with purchasing these properties?
Yes, and no. The majority of the homes have income guidelines due to the fact that federal, state or local funding was used in the development of the properties. Some homes are available at "Market Rate" and have no income restrictions. Individual property listings will contain the income guidelines, if applicable. All properties, however, must be owner occupied at time of purchase.
How much money do I need to have for down payment and closing costs? I don't have a lot of money.
There are down payment and closing cost assistance loans to get you in for as little as $1,500 to $2,000 cash out of your pocket. In addition, there are 2nd and 3rd mortgage programs available on some of the properties to allow you to buy a home for an amount higher than you are qualified for. Paul is an expert in evaluating your unique situation and finding a solution that will lead you to owning a home.
What if I have past credit issues?
There are several options. There are lenders that use alternative credit programs at reasonable market rates. There may be certain requirements that you pay off some old accounts or re-establish good credit. The important thing is to contact Paul who will help get you set up on a game plan that will lead you to owning a home!
How do I know if I can handle managing my finances? Having a mortgage is a big responsibility!
Ownership of a home is proven to be a foundation for stabilizing households and wealth building. A large segment of the people who purchased a home through Paul thought they had little or no chance of ever owning a home. With proper guidence and planning, along with taking the "Homestretch" Home Buyer Workshops on how to maintain a home and manage a housing budget, you will have confidence in your ability to buy and keep that home you have always wanted!
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