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Still Renting?
If You Can Afford to Rent…Then You Can Probably Afford to Own. The cost of renting in many areas is now greater than the cost to buy. Even with mortgage rates on the rise, it is still more affordable than renting. Some say mortgage loans are impossible to obtain without perfect credit and/or 20% down. Want the truth? Read on, and we’ll cite the three basic factors for qualifying for a home…
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Worried about Rising Mortgage Rates?
Worried about Rising Mortgage Rates?
The overall costs of Lending has been on the rise for the last several months. With the latest Inflation Rate of 9.1%, this will cause the Federal Reserve to raise rates again and most likely more aggressively than previous rate hikes. We have come up with a SPECIAL program to relieve this stress! You can now LOCK in to Today’s Mortgage Rate while you are shopping for a home. This allows you to…
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Special Announcement: Homebuyer Seminar | Zoe Christian Fellowship, March 27th
Michael Vanella Loan Officer, Servicing Columbia MO home loans for anyone in the surrounding areas
All you need to know about your new home!
Saving for a downpayment is often the most daunting part of the homebuying process. Having enough cash to put 20% down may seem out of reach, but don’t let that discourage you from becoming a homeowner.
https://missourimortgagesource.com/
Buying a home for the first time seems like a big challenge. People are often confused by what they need to do for getting a home loan. We suggest you the right direction to home buyers.
What Are The Best First Time Home Buyer Mortgage Programs?
Are you looking to buy a home, but your finances are too tight and buying one seems to be a distant dream? Well it’s not so distant anymore and you don’t even need to make huge savings to get the funding. There are several first time home buyer mortgage programs that provide funding and make the housing more accessible to common folk of USA.
Some of the top programs that can help you buy a home for first time are FHA, VA and USDA. Here are the key features of these loan programs.
FHA For First Time Home Buyers:
FHA is the friendliest mortgage program for first time home buyers. It is backed by Federal Housing Administration and requires just 3.5% down payment to qualify for the loan. However, there is a little variation in the amount of down payment for borrowers with different credit scores.
The borrowers with a credit score of 580 or above need to pay 3.5% to qualify for the loan.
Borrowers whose credit score is anywhere between 500-579 are required to pay to at least 10% down payment to get the loan.
VA Loan For First Time Home Buyers:
VA is one of the unique first time home buyer mortgage programs that provide hundred percent financing. However, this loan program is only limited to those who served/still serving in US military.
USDA Loan Program:
USDA along with VA is the only loan program for first time home buyers that provide hundred percent financing. Or in other words, requires zero down payment. However, this program also has some restrictions as it is only available to those looking for a property in a rural or suburban area.
Home Upgrades Programs:
These programs allow you to make upgrades to your home or buy a property that needs up gradation. Energy Efficient Mortgage Program and HUD 203(k) Loans are two of the “go to” programs for the majority of borrowers in this regard.
Energy Efficient Mortgage Program:
EEMP comes with extra funds to enhance green features of your house. This program typically allows your lender to extend the loan limits and does not require any new appraisal costs.
HUD 203(k) Loans:
HUD 203 (k) Loan is backed by FHA and particularly designed for buyers who are ready to take on a fixer upper. A unique feature of this program is that it considers the post-repairs value of property and provides extra funds for repairs as part of regular mortgage.
https://youtu.be/gLx5Lj5f1eY
Conclusions:
Buying a home is one of the most significant financial steps of your life and you must seek for the right advice and right means to finance it. To achieve right financial assistance, first time home buyer mortgage programs discussed in this article are the best option to go with. Determine your requirements and pick one wisely.
Receive Up To $15,000 to Purchase Your First Home in North Carolina
First-Time Home Buyers in Mecklenburg & Cabarrus counties can receive up to $15k towards their home purchase. Here's how
Saving up for a down payment and closing costs (especially in the face of increasing rent prices) can seem like an insurmountable task. Short of waiting for your Great Aunt Millie to pass and hoping there’s an inheritance with your name on it or getting lucky in the lottery, many potential first time home buyers feel this may be a dream deferred.
However, thanks to the U.S. Treasury Department’s…
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