Is It Possible To Buy A House With A Low Down Payment
My girlfriend and I are looking to purchase a home in the Dublin/Pleasanton area in the San Francisco Bay Area. She has a decent down payment but I don't have much. She has a stable 9-5 job and I own my own business. I receive a paycheck but don't draw so much from my business as I'm always reinvesting into my company. We are looking to take the next step but the area we need to live in is pretty expensive. We need to stay in the area because of our jobs and would like to put our hard working money into a home. As first time home buyers, what would be the best approach in order to meet our goal of owning a house instead of settling for a condo/townhome? Is this even possible? by craigl_840_727 from Dublin, California. Apr 19th 2012
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Generally speaking, sitting down with an experience, licensed mortgage professional should result in a positive experience and many low down payment options for you. Unfortunately, most people end up talking to call center application clerks instead of professional loan officers - and this leads many to unhappy experiences. The choice of a licensed professional versus an application clerk when making your largest financial transaction of your life can not be over emphasized. So how do you know is you are dealing with a clerk or a pro? Read this great article at http://mnrealestatedaily.com/?p=859
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
FHA offers 3.5% down payment, HomePath homes offer 3% down payment, USDA and VA are zero down... there are options out there for you... best advice I can give you is to Contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders... the LOCAL broker is familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
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