One of the most exciting adventures you will encounter is purchasing a home. If you are a first time buyer or an experienced investor we will make the process quick and easy. Below is some helpful information to get you started.To get started immediately click here for our on-line application.
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Many factors are considered when applying for a low down payment home loan. These factors include a good credit background, adequate income to pay the monthly mortgage payments and sufficient reserves (savings or investments you have left after purchase). While these factors are important, other considerations are also reviewed.
Zero down payment loans are designed to offer home ownership opportunities to borrowers with good credit but lack the ability or desire to make a down payment on a home or investment property. These programs allow home ownership to borrowers with good incomes but with little or no savings to put down.
Other factors including your ability to pay the closing costs will be discussed. Closing costs are in addition to a down payment, and are typically 2% to 3% of the price of the house. In some cases these closing costs may be paid for the borrower by a relative or even by the seller of the home.
Your ICM professional will be able to review the various programs and options with you and discuss your qualifications for each one.
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Loans and gifts from family, friends, and other organizations can help you put together a down payment sufficient for your home loan needs. The percentage of the loan or gift that is available for use as a down payment can vary depending on the type of home loan you qualify for. It is important to discuss any loans or gifts you plan to use as a down payment with your ICM representative.
Many companies also offer programs to their employees to make the home buying experience easier. 401K plans are often used for this purpose and employees are permitted to withdraw from their 401K plans without penalty to provide a down payment on a home loan. Making use of your 401K program can be useful and beneficial but there can be drawbacks that must be examined.
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There are national non-profit organizations dedicated to assisting homebuyers with their down payment and closing costs. Housing authorities are agencies in cities and states around the nation that handle housing issues in their designated areas. Many housing authorities strive to provide stable and affordable housing for low and moderate income persons and create living environments that help residents learn to live independently.
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Purchasing a home is a goal shared by many people but it can be difficult for some to collect the funds needed for a down payment. Fortunately, there are many programs to assist those who need help with down payments. There are national assistance programs and programs specifically for residents of your state. Some assistance programs do not require repayment of the gift and do not place caps on the borrower's income to qualify for assistance.
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Purchasing a Seattle home is made easy by your Seattle mortgage lenders at Infinity Capital Mortgage Inc. Seattle purchase loans are available to Seattle borrowers at a wide variety of rates and terms. Contact you Seattle purchase loan professionals at Infinity Capital Mortgage Inc.
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