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As a First Time Homebuyer, there is a lot of information to absorb about financing. Quite often, first time homebuyers find it very difficult to save for a down payment and closing costs. A discussion with a Mortgage broker may yield some alternatives to eliminate the down payment and the closing costs. Our Mortgage professional will evaluate your financials to determine if you can qualify for 100% financing and Seller’s Concession.
What determines if you qualify for 100 per cent financing ?
The several factors which determine if you are qualified are, credit, income, employment and rental history. Once you have furnished this information to your Acorn Home Mortgage professional, we can submit your information to a wide range of lenders. It should be noted that lenders have different guidelines so it is critical that you have a mortgage specialist that works with the lenders who focus on first time homebuyers. Not all mortgage brokers are signed up with these types of lenders. At Acorn Home Mortgage our focus is helping first time homebuyers buy their starter home. Acorn Home Mortgage is constantly reviewing and bringing new lenders on broad.
How does 100 per cent financing get structured?
There are two ways to structure 100 per cent financing :
First, an 80/20-loan package (piggy back mortgage) can be split the financed amount into two loans. The first loan is 80% of purchase price and the second loan is 20% of the purchase price. The lenders determine the terms and rates. The rates and terms may vary based on the first time homebuyer’s specific needs and debt ratios.
Second, a 100% loan may be available and more cost effective. Once again, this option needs to be evaluated to see if it makes senses for the first time homebuyer. Your Acorn Home Mortgage professional will review your specific requirements and needs.
Even if you are presently pre qualified or pre approved with another lender or Mortgage Broker, it may be prudent to get a second opinion. Acorn Home Mortgage welcomes the opportunity to review your information. If you would like an evaluation, complete contact information.