The Home Financing options are ever changing. I have been in the business for over 15 years and they seem to sometimes change monthly. This means changing strategies for my clients. THIS IS THE BIGGEST DIFFERENCE FROM VALUE MORTGAGE AND EVERYONE ELSE. Most other loan officers look at a loan and give a generic loan to the customer. Every one of the loans we look at we try and create different benefits for our clients.
As an example, I have a client that says they are a First Time Home Buyer and that they have 3.5% down payment. The average loan officer and most loan officers would say great, I will get you an FHA loan. That may not be the best loan for that client. I would access the financial back ground and goals of this client. Do they have good credit? Do they want to use some of that down payment for repairs on purchasing the new home. They may be able to qualify for a conventional loan with 3% down payment and have a smaller payment than on the FHA loan. This will give them the .50% down payment for repairs or upgrades to the home. Maybe they can use that money to payoff some small credit cards and decrease outgoing debt. This will also help their credit scores to increase. With better scores they may be able to qualify for better rates on their credit cards, car loans and insurance.
This is thinking outside the box. We think in buckets. Buckets are leverage of cash, credit scores, debt to income ratios, tax consequences, and much much more. We create options for our clients. We utilize the resources at hand.
Depending on where you live you may be able to buy a home with a zero down payment still. USDA and VA still offer these options. With a 5% down payment you may be able to avoid private mortgage insurance. It is called LPMI or Lender paid mortgage insurance. It gives the buyer leverage in payment.
There are many other strategies that we use depending our clients profile. Profiles consist of credit scores, credit depth, debt to income ratios, employment, and much much more.
For a free analysis please apply Here, or you can contact us at anytime at 877-818-4603.