Example: A home that is purchase at $225,000.00 now requires a down payment of $7,875.00 by government guidelines. A "seller" may contribute up to 6% towards the buyers closing costs.
Credit is very important these days and a borrower must have a minimum FICO score of 620 and if married or significant other is applying, the lower of the two borrowers score is used.
Gifting is allowed by an immediate family member (father, mother, sister, brother etc...) and the gift may be an unlimited amount. Consult with me first before transfering funds or accounts. We must follow a legal paper trail and there are certain ways to do this.
There are many changes with Conventional loans these days.
This is a type of loan that usually people go to when they need to buy a fixer-upper...OR...they simply wish to put a large chunk of change as a down payment. 20% or more leaves you with no M.I. (Mortgage Insurance) and also allows the borrower the flexibility of waiving his/her escrows, which simply means that you wish to pay your taxes at the end of the year.
Conventional loans do not have to comply with government regulations since they are not "implied" obligations of the United States. For someone just starting out, FHA usually is the way to go, but Conventional does offer the buyer with a few more options in the event the house will not meet the government guidelines.
Credit MUST be a minimum of 620 FICO score, without exception and usually requires 5% down or more depending on several factors.
After you watch this short video ask yourself these questions;
1) How much time will pass before I can get good credit without seeking help? 2) How bad do you want to own a home? 3) What are you going to do about it fixing it?
If you cannot answer any of the above questions, then you need to close these windows and move on to another site.
We are very serious about helping you but the first step has to be yours. Did you know that 60% of the people we talk to cannot qualify for a home loan? That's right...60%! We don't want you to be in that pedrcentile. So call me today and let me help you!
Call Me Today 210-584-6577
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Aristides (Ari) Priakos Sr. Loan Officer & Financial Analyst NMLS# 200423 UNITED LENDING, LLC 2338 N. Loop 1604-W. Suite 290 San Antonio, TX 78248 Hours: M-F - 8:30 a.m. - 5:30 p.m. Mortgage Banker #44649 210-408-6060-Office 210-408-6062-Fax 210-584-6577-My Cell ari.priakos@unitedlendingusa.com
Network Funding, LP NMLS 2297
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