Financing is a Key!
Financing is the term that describes how we “pay for” your next home. Maybe you already have the funds needed in the bank and can pay “all cash.” But, typically, you will obtain a loan to help buy a house, generally called a mortgage.
To get a loan, lenders look at three things: INCOME, your CREDIT SCORE, and your DOWN PAYMENT. We collectively call them the NEEDED-3 because you need all three to get a loan. But, don’t worry! There are ways to still make good financial decisions if you are a bit short with one of them. We just need to connect you to a qualified and ethical lending specialist!
What Type of Loans are Available?
It can be confusing what mortgage loans are available. We always recommend discussing the best options for YOU with a qualified lender specialist. But, generally there are a few primary sources of lending:
How Important are Credit Scores?
When you apply for a loan, lenders will lean heavily on your Credit Score, also called your FICO score. What exactly is a ‘Credit Score’ or FICO Score? What does it mean? What influences it? How Do I improve it? Let’s de-mystify all this.
Types of Loans
For a basic overview of loan programs, you will need to answer a few basic questions.
- Fixed Rate or Adjustable Rate Mortgage?
- Conventional Mortgage or a Government Insured Mortgage?
- How long a mortgage? 15 years? 30 years?
First Time Buyer Info
Many first time home buyers (FTB) are looking for “First Time Home Buyer Programs” or down payment assistance programs. Based on where you are looking to buy, what your occupation, or your economic situations, you may find FTB Programs that work perfectly for you.
The best course of action is to talk to a lending specialist. We can connect you to a qualified lender to assess your various options. Just contact us!
In California, the CalHFA has loan options for low to moderate income families, including low to zero interest rate down payment assistance loans. They define a first time home buyer as anyone who: “has not owned and occupied their own home in the last three years.” If you qualify they do offer down payment programs.CalFHA Info
Do you think you are ready to make the leap? You already know that buying your home is a exciting adventure. Here at Home Forward, we strive to make the process is easy and as comfortable as possible. So, feel free to: