On the Path to Home Ownership
Your first day of school, first dance, first kiss, wedding day, birth of a child, purchase of a home. All of these are memorable moments in our lives that many of us look forward to. Home ownership or renovating a home can seem like a very daunting and impossible task for many Americans. Many aren’t even sure if they can qualify for a loan or if they are financially ready to do so.
So what options do first time home owners have these days? As one of the nation’s largest independent residential retail lenders, Prospect Mortgage has greater control over home lending options. Prospect Mortgage is able to both approve and close loans in-house while offering first-time home owners two smart solutions – the 203k loan and the HomePath loan.
What do you get from the FHA 203(k) Renovation Loan? The 203(k) Renovation Loan lets you finance the cost of improvements into the purchase or refinance of the home. With Prospect Mortgage, you’ll find a nationwide team of 203(k) specialists who help people take advantage of the opportunities this program supports. Some of the loan’s features include (1) Low Down Payments (with a required minimum down payment of 3.5% down), (2) Flexible Underwriting Guidelines (must have a minimum credit score of 640 or higher and be a first-time homebuyer), and (3) Eligibility of Many Types of Property.
How about the HomePath Loan? The HomePath Program was created by Fannie Mae to offer foreclosed homes directly to qualified buyers. This special program will allow you to qualify with the minimum down payment and will even give you money to fix up your dream home. Who will qualify for the program? Those who will qualify for the program include (1) Buyers of Fannie Mae HomePath eligible properties; (2) those with a 660 or greater credit score and who put down 5%-20% down; (3) those who put down more than 20% and have a lower credit score than 660; (4) buyers planning to use their property as a primary residence, Second Home or Investment; and (5) those with finance requests on properties valued at $60,000 or more.
Are you currently looking to buy a home? Which loan sounds better to you? Be sure to check out Prospect Mortgage for your home loan needs.
This is a sponsored post in partnership with Niche Parent Network & Conference.
All opinions expressed in this post are 100% mine.