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Mortgage Financing FAQs

Do I need $10,000 - $20,000 or more for a downpayment to buy a home?

Today, there are literally hundreds of different home loans available and some of them are ZERO down or low down payment home loans.  But what you need to understand is that many of these home loans have strict guidelines and your credit scoring must be at a certain level to qualify.  As recently as five years ago, buyers would have been required to have down payments of 3%, 5%, 10% or more to qualify for a mortgage, but in today's lending market, it's very common for first-time and repeat home buyers to put little or NO down payment for their home loan.  It really boils down to meeting with a mortgage consultant and reviewing your credit history, income, risk tolerance, etc. to see which home loan would best fit your situation.  Taking your time in advance and researching the various types of home loans will save you money.

How do I find these ZERO & low down payment home loans I always hear about?

Find an experienced and knowledgeable mortgage consultant, who has access to many of these different home loans.  (Hint: contact Rick - www.RickPilger.com)  Don't end up with a loan officer, who only really knows 3 or 4 types of mortgages and so they try to put into one of those loans.  They may not be the best mortgage for your situation or the loan officer may be receiving a higher fee by recommending certain home loans. Many special, low downpayment home loans are difficult to understand and it's hard to keep up with all of the different rules, so many loan officers don't do them.  Some mortgage companies feel that all the regulations and extra paperwork involved are too much to do, so why bother.  Another problem is some of these special home loans come and go as soon as their allotted money dries up.  So you need a dedicated mortgage consultant to help you figure it all out.

I was told I earn too much income to qualify for a special home loan.  Can that be true?

There are many city, state and federal home loan programs that have income limits as well as targeted geographical areas that the properties must reside in.  That's why it's important to meet with a mortgage consultant and review your personal financial situation.  You'll know exactly where you stand on how much you can afford and if you're ready to take the next step right now or if you need work a plan for 6 to 12 months before you're ready.

How do I find out how much I can afford?

That's the first rule of home buying and it depends on how much income and debt you have.  In general, mortgage lenders use the ratio rule of 28/36: you should have 28% or less of your gross monthly income (before taking out taxes) being used for your monthly housing payment.  Then you should have 36% or less of your gross monthly income (before taxes) being used for your monthly housing payment as well as minimum monthly debt obligations (i.e. minimum monthly payment due from your credit card or monthly car payment.) Since these ratios are only guidelines, they can be increased under certain qualifying reasons.

I'm ready to buy my first home.  Should I start looking at homes right away?

No, not until you've been pre-approved by a reputable mortgage consultant, who has had your mortgage application satisfactorily reviewed by an underwriter.  Too many buyers rush out looking at homes they can't afford, because they think they would qualify for a home loan.  Then they fall in love with a home they can't afford and when they look at homes in a lesser price range, they are disappointed and feel like they have settled for something.  You can take your first step right here and click here to fill out your free, no-obligation mortgage pre-approval on-line by my Preferred Mortgage Consultant, Rick Pilger.

I'm a long-time renter.  Is now a good time to buy a home or condo?

Many people believe that owning their own home requires a big down payment...which is difficult to save while paying all their regular monthly bills.  Others are convinced they wouldn't qualify for a mortgage and that the payment would be too much anyway.  Here are a few facts that may change your mind:

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There are now a few hundred different types of home loans, some with low or even ZERO down payments.

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From time to time, there are special government home loans, but they usually have income limits as well as targeted geographic areas

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77% of renters surveyed said the biggest reason they aren't buying is because they're afraid they will feel obligated to buy or will be pressured by salespeople.  Note: One way to stay in control while working with a real estate agent is to get pre-approved.

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The average mortgage payments costs about the same, sometimes less, as the average rent payment, when you consider the tax deductibility of mortgage interest and property taxes.  Talk to your accountant for details.  For example, if you're paying $850 per month in rent, you could be making mortgage payments on you own $110,000 home.  That would probably buy you a lot more space (and privacy!) than you've got right now.

You can schedule a FREE, no-obligation appointment with my Preferred Mortgage Consultant, Rick Pilger at .  In the consultation, Rick will share with you what your options are, check your credit report for any erroneous mistakes that need to be corrected and start the process of finding the best mortgage to fit your situation.  This will allow you to shop for your dream home in total confidence, because you'll know you've already been pre-approved for a home loan. You'll also receive a free, personalized Mortgage Advisory Planner.

I keep calling about homes for sale and they're already sold.  How can I get to them faster?

You need to sign up for my FREE HomeFinder Service.  After you tell me about your housing criteria: price range, style of home, number of bedrooms and baths, etc., you'll start receiving new listings by e-mail as soon as they come on the market.  If you check your e-mail daily, you'll be receiving this information before many real estate agents.  This will give you an a

Should I believe all the ads about low or ZERO closing cost loans?

I was told I earn too much income to qualify for a special home loan.  Can that be true?