Affordable Lending Solutions
Affordable lending solutions create successful homeownership paths for those with moderate incomes, limited savings for down payment and closing costs, and credit or budgeting concerns. Homebridge can help prospective homebuyers find the right path to fit their current financial situation. But first, let’s dispel some of the reasons that may be preventing you from buying a home.
Challenging Mortgage Myths:
1. I need to have saved at least 20% down to buy a home: Times have changed, and there are loan programs designed with first-time homebuyers in mind. Buying a home does not require all borrowers to have 20% or more for a down payment. Some programs may require little to no upfront monetary investment, such as FHA, VA and USDA loans. You may be able to apply for down payment assistance in your area. There are also programs that cover some of the closing costs. Please note that some lenders require additional mortgage insurance when putting down less than 20%.
2. I cannot buy a home if I have debt: While having a lower debt-to-income ratio may get you a better interest rate, you do not need to be debt-free to buy a home. We can help find a product for which you can qualify while you continue paying off your debts. There is no need to pay off your student loan debt before buying a home. Recent changes made it even easier for those with student loan debt to qualify for a home loan.1
3. I need a credit score of 740 or higher to qualify for a loan: Some affordable lending programs allow homebuyers to obtain financing despite having previous credit issues, bankruptcies, and other financial concerns. You can work on strengthening your credit while getting guidance on buying your first home.
4. I need to wait for the market to improve: The right time to buy is when you feel ready. The market will always be changing, but if you are ready to be a homeowner, then we can find a program for you.
5. It’s cheaper to rent than own anyway: While this may depend upon the area you live in, there may be some truth to this in the short term. However, if you plan on renting for more than a year or two, you should look into purchasing a home. Mortgage payments are stable, with a fixed-rate, whereas your rent will likely rise annually. Chat with a Mortgage Loan Originator about the cost difference in your area.
As you can see, there are many myths about what it takes to become a homeowner. It is important to understand that Homebridge has extensive expertise in affordable lending solutions. If you qualify for one of these programs, you may be able to obtain closing cost and down payment assistance (lowering your out-of-pocket cost) and other financial assistance to help you get into that first home. Every year thousands of Americans accomplish what they thought was impossible by using affordable lending programs to become proud homeowners.
Where to Start:
At Homebridge we understand every family has a unique story, and sometimes those stories come with financial or other challenges. That’s ok! We want to hear your story, and our Mortgage Loan Originators are ready to listen!
Our goal is to help you write a successful homeownership chapter for your family. We will remove any confusion around homeownership to provide you with the keys to your dream home, regardless of your current situation.
Using our Affordable Lending Solutions to defy mortgage myths, our expert Mortgage Loan Originators guide each customer to successful homeownership. Contact a Homebridge Mortgage Loan Originator today to see if you qualify for any of our affordable lending solutions that meet your circumstances and needs.
Contact a Homebridge Mortgage Loan Originator today to see if you qualify for any of our affordable lending solutions that meet your circumstances and needs.
1New guidelines mentioned above are specific to Fannie Mae programs and do not apply to FHA, VA, CHFA loans, etc. Be sure to consult with a Mortgage Loan Originator to learn more about student loan debt and DTI ratio as they relate to mortgage approval with your specific loan program.
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