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Do you Think you Cant Buy a Home Because You Dont Have a Down Payment

There are a lot of people who pay rent each month and much of it is exorbitant. We happen to think that any rent is exorbitant. Why pay someone else to live in their house, when you could be building equity in your own? If you've felt hampered because you don't have any down payment, then you're in for a happy surprise. Many of you won't even need to put anything down when you buy a home. You may have noticed that in recent years home prices have been going up.

In some markets it takes at least two incomes to keep up with the mortgage. Those of us in the lending industry have had to come up with creative ways to help finance a house. We're happy to say that it's our job to realize your dream of owning your very own home. Don't get caught up in "old thinking" about mortgages. There are numerous options out there, and we'll help you find yours. First time home buyers are often the ones really needing the no down option.

While it used to be customary for someone to put down about 20% of the purchase price, it could take them years and years to save that kind of money nowadays. Some investment plans allow you to take money out towards that first house, in which case you need to weigh whether or not that's a good idea. That's another area where we can help you decide. A tax consultant can also advise you. The main drawback to taking out a no down mortgage is the possibility of having to pay private mortgage insurance (PMI). We can even help you avoid that.

Many lenders are now offering an 80/ 20 split mortgage. In this case you would borrow 80% of the value of the home, and the other 20% is considered a home equity loan. You can deduct the interest from your tax bill.but if you have PMI, you won't have that benefit. You don't even need to have perfect credit to qualify for a zero-down-payment loan.

In fact people with recent bankruptcies often obtain financing. If you fall into this category, we'll counsel you in ways to repair your credit. In some cases it's wise to wait a year or so and just work on that. In others, you may be in good enough financial shape right now to qualify, Our main goal is to make sure that you don't get in over your head.

If you're able to buy a new home, but are too stressed out to enjoy it, then you won't be happy. Our mission is to make sure you not only get into that home, but fully enjoy the experience of living there.

Click here to get a free copy of Jeff Nelson's, "7 Tips to Avoiding the Biggest Mortgage Mistakes," a 10-page report that describes the mistakes to avoid when purchasing your new home in Phoenix, Arizona.



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