If you are saving for either your first home or that perfect move-up dream house, make sure you know all your options when it comes to financing....you may be pleasantly surprised.

Many are afraid to purchase a home because of uncertainty about “qualifying for a mortgage or navigating the home buying process”. Though 74% said they “know and understand” the financial process involved in buying a home, they also gave answers that suggest otherwise. For example:

  • 30% of respondents believe that only individuals with high incomes can obtain a mortgage
  • 64% of respondents believe they must have a “very good” credit score to buy a home
  • 44% believe that a 20% down payment is required
In actuality many of these beliefs are unfounded. Let’s look at the question of down payment: Freddie Mac, in a recent blog post addressing the issue, confirmed that there is misinformation regarding the amount necessary when determining the down payment for a home purchase:
“Did you know 40 percent of today's homebuyers using mortgage financing are making down payments that are less than 10 percent? And how about this: since 2010, the number of people putting down less than 10 percent for conventional loans has grown three fold.  So, not only are low down payment options real, they represent a significant portion of today's purchases.”
In a separate Executive Perspectives, Christina Boyle, Freddie Mac’s VP and Head of Single-Family Sales & Relationship Management explained further:
  • A person “can get a conforming, conventional mortgage with a down payment of as little as 5 percent (sometimes with as little as 3 percent coming out of their own pockets)”.
  • Qualified borrowers can further reduce the down payment coming out of their own pockets to 3 percent by lining up gifts from family, grants or loans from non-profits or public agencies.
Education is key! Make sure you are speaking with a loan officer who has knowledge of the best option for you. The home buying process will be much easier if you do your homework first or use a realtor who can lead you in the right direction. The KCM Blog

 

WE WOULD LOVE TO HELP YOU FIND YOUR DREAM HOME

It's also a great time to start shopping for a new home. WE are driven and devoted to make all clients feel as they have received the highest level of service possible! You will be pleased with the personal attention and promptness WE PROMISE you! Our Buyer's Agents will do all they can to make sure you are seeing those homes that could lead to your potential purchase. Make a consultation appointment with one of our educated Buyer's Agents today to see if you are ready to buy. WE can set you up with one of our Mortgage Representatives immediately to see what you can afford. Bad credit? These same individuals can put you on a plan to clean up your credit so that you will be able to buy in the future!

We are waiting to be your Outstanding Realtor Team!

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Keller Williams Realty takes a different approach to real estate, one that is built on personal touches, win-win deals and positive results. We use the latest technologies, market research and business strategies to exceed your expectations.  

 

How WE can help

Thanks for starting your real estate search with us. This website is full of information for you whether you are looking to buy or sell. After you have had the chance to review this information, contact us so we can tell you more about how we can help.

Thank You,

Jennifer, Tracy, Jade, Missy and Sandy


 

Are you ready to start the home search but don't know where to turn for a loan or to pre-qualify. Contact us and we can get you in touch with the best in the business!






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