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First Time Buyers
All home buyers should get Pre-approved not Pre-qualified!
Many first time home buyers look for a home or condo and get excited about purchasing that property, but later discover they are not qualified. A first time home buyer can avoid being disappointed by getting pre-approved. A pre-approval means the lender has checked the credit and verified the financials. With a pre-qualification a lender tells you "how much you can qualify for" based upon information you provide over the phone, but they don't commit to making you a loan. A pre-approval letter gives you greater negotiating power and informs sellers that your financing is secured.
How to buy a home with no money down!
Many first time home buyer programs offer no money down payment options with approved credit. Some of these programs allow you to roll in closing costs so that you can go to the closing table without writing a check! Many people believe that you need very low income to qualify for these programs – however, this is inaccurate. A majority of no money down programs are based upon your credit worthiness, not your income. Don't put off buying your dream home due to a lack of funds since there are many flexible loan programs to meet your financial situation.
How to buy a home with damaged credit!
Today more than ever, lenders are aggressively pursuing the purchase market loan. Lenders understand that in today’s economy bad things happen to good people. There are even lenders out there that will offer a no money down loan for someone just out of bankruptcy! Even if your credit bureau reports no credit history, you can still qualify for mortgage financing! Consult with a mortgage professional before closing the door on home ownership. They will pre-approve you and determine what program best serves your needs
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