|
|
One of the most exciting adventures you will ever encounter is purchasing a home. I have worked with so many first time home buyers, that I feel I should be called a first time home buyer specialist! I love working with first time home buyers. So, if you are a first time buyer or an experienced investor, I will make the process quick and easy. Below is some helpful information to get you started.
To get started immediately, click here for my on-line application.
Return to Loan Programs
| |  |
| 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.
I 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 .5% to 3% of the price of the house.
I will also discuss with you certain formulas that are used to determine your long term ability to pay for your home loan.
I can be reached at 773-255-5989 or joe@joespisak.com
| |
Loans and gifts from family, friends, and other organizations can help you put together a down payment sufficient for your home loan needs, (As with most loans, certain restrictions apply). 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. I can speak with you and your employer about all of this, in detail.
| |
There are national non-profit organizations dedicated to assisting home buyers 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. I am educated about current housing authority issues and can serve as a liaison between you, the borrower, and your Housing Authority.
| |
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 designed specifically for residents of your state. The precise requirements of the individual programs will need to be discussed with me 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.
I can be reached at 773-255-5989 or joe@joespisak.com
|
|
Purchasing a home is made easy by your mortgage lenders at Joe Spisak & Amerihome Mortgage. purchase loans are available to borrowers at a wide variety of rates and terms. Contact you purchase loan professionals at Joe Spisak & Amerihome Mortgage.
|
|
| |
|
|
|
