Turning Mortgage Knowledge Into Power | Payne Family Homes

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Q: Is it possible to avoid PMI even if I have less than 20 percent for a down payment? Jeff: Search

Q: Is it better to pursue a builder credit or a lender credit? Jeff: Q: Can you buy a home with little to no down payment anymore? Jeff: Conventional loans – typical minimum down payment is 5 percent. There are programs for first time homebuyers to secure a conventional loan with only 3 percent down, but there can be income restrictions with that. Also, if you’d like to buy out your PMI, you’ll need a conventional loan. FHA loans – allows a down payment of only 3.5 percent with no income or first time homebuyer restrictions, but the loan amount is restricted in the St. Louis area to no more than $271,050. FHA loans are more forgiving than conventional loans for past credit issues such as foreclosures, bankruptcies, and late payments. USDA financing – allows 100 percent financing, but it does have income restrictions that are generally around a household income of $80,000. As with FHA loans, it is forgiving for past credit issues. VA loans – you must be either a current military member or a veteran for these loans, which allow 100 percent financing.

Q: I’m interested in buying a home for the first time, but there’s so much to think about. What do I do first? Jeff: Contact a lender and get prequalified. Mortgage lenders follow FICO scores, and that score is different from the free credit reports you get online. FICO scoring models are more stringent for mortgage lenders, thus the score differential. If you try to get prequalified and are turned down, the lender should give you ideas on what to do to improve your purchasing power. Q: I want to build a new home, but I don’t want to sell my old home until my new home is ready. Is it possible to qualify for a new home loan when I still have my current mortgage? Jeff:

Q: I’m an empty nester ready to start the process of downsizing, but I haven’t gone through the mortgage process in 30 years. What should I know in advance? Jeff: Q: Is buying a home still a good investment? Jeff: Q: Why should I buy a new home vs. an existing home? Jeff:

(https://i1.wp.com/www.paynefamilyhomes.com/blog/wp-content/uploads/2015/11/Equal-Housing-Lenderlogo.jpg)Paramount NMLS ID is 67856 Jeff Griege NMLS ID 243802 MO ID 631-MLO

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Turning Mortgage Knowledge Into Power | Payne Family Homes

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