Only close family and relatives, such as aunts and uncles can “gift” you money for a down payment.
DID YOU KNOW:
The failure rate for a home purchase is 20% on average.
DID YOU KNOW:
Many lenders have NO PMI loans, even if you have a down payment of less than 20%.
DID YOU KNOW:
Veterans may qualify for a home purchase with no down payment using a VA Loan for purchase.
DID YOU KNOW:
Many condominiums are not FHA approved and therefore you will not be able to purchase the condo with an FHA Loan.
DID YOU KNOW:
FHA Loans give you greater flexibility with your debt to income ratio. In short, you can qualify for more loan with less income.
DID YOU KNOW:
Student loans can throw your debt to income ratio out of whack and disqualify you from approval due to excessive debt.
DID YOU KNOW:
Bankruptcy does not disqualify you from getting an FHA Loan as long as it has been 2 years since the recorded discharge date, or 4 years for a Conventional Loan.
DID YOU KNOW:
Many lenders will not accept documents, such as bank statements, that have any portion that has been blacked out or tampered with.
PRO TIP:
Be sure to understand exactly how much loan you can be approved for before you fall in love with a home and get into a contract!
PRO TIP:
Don’t move around assets during the processing of your home purchase loan, as it will trigger the underwriters to ask repeatedly for updated bank statements.
PRO TIP:
Not every Realtor can produce the same results, so be sure to check their credentials and experience.
PRO TIP:
Don’t just trust a pre-qualification from a licensed lending officer. Get pre-approved by an actual underwriter before you get into a home purchase contract.
