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PURCHASE |
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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 immediately click
here for our on-line application.
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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.
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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.
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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.
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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.
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Purchasing a Somerset home is made easy by your Somerset mortgage
lenders at Empire Mortgage Services Inc. Somerset purchase loans
are available to Somerset borrowers at a wide variety of rates and
terms. Contact you Somerset purchase loan professionals at Empire
Mortgage Services Inc.
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