Finding and Affording The Home of Your Dreams
Knowledge is Power.
Congratulations on your decision to become a homeowner! Your experience doesn’t need to be stressful or complicated. Your biggest source of stress may be what you don’t know, but knowledge really is power.
Fear and stress, the two most common emotions for the first time homebuyer. Our experience shows that fear and stress are the result of a lack of information. We have found that when a buyer is well informed of the process, these emotions are greatly reduced. We have the answers to your questions, as well as answers to questions you haven’t even thought about yet.
Every purchase is as different as a fingerprint because no two people or properties are alike. Since not all of the information is known before the process starts, no amount of research can prepare you for every combination of circumstances. But, by discussing the known specifics of your scenario, we will outline the entire process for you, so you will have a better idea of what to expect. If unexpected circumstances do arise, our team of local experts have years of experience and are prepared to help you to overcome them. Once you see the clear path laid out for your specific scenario, all of your stress will be a thing of the past. Call us, you’ll see!
Considering a Foreclosure?
It will mainly depend on your personal situation as to whether the money you’ll be saving will be worth it. In 2011, more than half of all home buyers considered purchasing a foreclosure, but didn’t. Some simply couldn’t find the right house, reported poor conditions, or chose not to because of the difficulty of the process. While typically a more time consuming and complex transaction, if your timing is not critical, it could be a viable option.
Considering a short sale?
Here again, it will mainly depend on your personal situation as to whether the money you’ll be saving will be worth it. Just like a foreclosure, a short sale can take a long, long time. Six months is not unusual, although lately we are seeing them completed a bit faster. The one good thing about a short sale over a foreclosure is that the condition is usually better because the home is being lived in and you have more confident all the systems work. So, if your timing is not critical, it could be a viable option.
What About Multi-Family?
This could be a great option for you if you don’t mind a little extra work. In return someone else will pay part, or all, of your mortgage! Just remember it’s a bit like living in an apartment and you need to screen your tenants carefully.
What about down payment?
You don’t need a 20% down payment to buy a home. We have 100% financing options requiring no down payment! These are limited to certain geographical areas. If you have a limited down payment we have 3.5% down options with no geographical limitations and this applies to multi families! If you don’t have the 3.5% but you do have a generous family member who will gift you down payment we can help you with that option too! Ideally a 20% down payment lets you avoid private mortgage insurance, which protects the lender in case of foreclosure, but don’t let this hold you back!
If your credit is blemished, it won’t necessarily keep you from getting a mortgage, we have mortgage options for you. No matter the current state of your credit, we will discuss your credit and make suggestions on ways to improve it. The sooner you begin repairing it, the sooner you will be in your new home.
No website can cover every scenario. No matter what yours is, we can help you. Once we have a better understanding of your unique situation, we can outline the path to homeownership. You may be surprised to find that the path is shorter than you might think. All you need to do is give us a call at 737-6655, or fill out the form below, and we will work to get you the keys to your very own home!
For more information on the Loan Process, click here.
To learn more about Advanced Mortgage Corp, and who we are, click here.