Sometimes potential homebuyers have made a few mistakes in the past. Now they are in good financial shape, ready to buy a new home and find out those mistakes have proven to be costly ones.
What to do? Well the average person who decides now he is ready to buy his new dream home for say $950,000, makes the mistake of going to the wrong lender. The lender tells him his credit score is low and that even if it wasn't low, he needs from 10 to 25% down. Ouch! 10 to 25% down on a $950,000 home purchase is $95,000 to $237,500 down! How many people have that much laying around to put down on a house these days when we are say 28 years old?
This is when you relax a moment and educate yourself on just how this purchase can be completed. Can you get the $950,000 that you need to buy this home when you have a 617 credit score? My answer is YES! Will your interest rate be in double digits? I say NO! You need to interview some mortgage companies! Be sure to ask them about their programs available for a 100% mortgage on $950,000. If when you call, the loan officer keeps putting you on hold or says he will have to call you back, put a big X by their name! Ask them how long they have been in the mortgage business and ask them how many different programs are available. Also, ask them how quickly they can close a loan of this size. An experienced loan officer can close one like this in about 3 to 4 weeks without a problem.
It is important to choose the right company! I closed one for $925,000 last week 3 weeks after the application was taken. The borrowers had been working with another company for almost 4 months. The loan was a "simple loan to close!" That is, if you know what you are doing.
Yes, you can buy that million dollar home with no money down!
The author, Glenn Keller is a veteran in the mortgage business and is well seasoned in all mortgage products. He specializes in Jumbo loans, FHA and VA financing. He conducts business in Florida and Georgia. He is associated with Bretlin Home Mortgage of Florida in Jacksonville, Florida.
Source: www.a1articles.com
