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A: Why use a Connecticut Mortgage Broker?
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2. Looking for a Home >>
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100 percent real estate loans in Connecticut - Is 100 per cent financing available to a First Time Home Buyer?
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 ?
Sarah B in Litchfield,CT
"When buying a home there are so many choices you have to make, but the most important decision is where to go to get your mortgage. I looked into quite a few companies but I wasn’t happy until I found Acorn Home Mortgage Company. They helped me find a realtor, Cheryl R, whom of which I highly recommend- very nice and knowledgeable. Then once I found a home I liked, Acorn Home Mortgage took me thru sample paperwork so I knew exactly what to expect. Not to mention they went thru and explained all the terms that are in a mortgage contract, as some of them are very confusing. Acorn Home Mortgage found me a lawyer, an appraiser, and everything else I needed. I felt like all I had to do was sit back as the Acorn Home Mortgage team did everything for me. It was great and I am very happy in my new home- who would have know you could get into a home within 30 days- thank you Acorn Home Mortgage for all that you have done!"
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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.
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