How Do I Purchase My Own Home?
Do I Need Great Credit?
Do I Need a Large Down Payment?
These are great questions, and they are often asked by many former stay at home spouses who now find themselves in a predicament when trying to buy a home of their own.
The first thing we suggest to anyone even thinking about purchasing a home, whether it’s a first home or first home after divorce purchase, is to get professional advice from an experienced mortgage planner as to what the potential options are based on your particular scenario. Each scenario is as unique as a fingerprint and requires the guidance of an expert to ensure you don’t end up with poor advice when you are looking to rebuild your life. Please do not go on-line for advice; it is imperative that you speak with someone that is accountable to you, your community and the person who referred you. You need someone who truly cares about your future and will listen to your potential obstacles and goals. It is absolutely critical that you are clear with your mortgage planner about your short and long term goals. Providing clear and specific information to your mortgage planner will enable a professional to set forth a plan for you that will potentially allow you to fulfill your dream of home ownership as soon as possible based on your goals.
As for options, there are low down payment and flexible credit options available to you. The most critical piece to home ownership is the proper planning needed to prepare you for your new purchase. This will also help you avoid any surprises; we know you don’t need any more of those. Here’s some good news; you don’t need 20.00% down or perfect credit to purchase a new home. You can get into a home with as little as 3.00% down and a minimum credit score of just 640. In many cases, we have helped several of our clients get into a home for a payment that nets out less than rent when they factor in the tax advantages and the monthly principal reduction; this doesn’t even include the advantages of potential price appreciation over the years. Please click on the below link to see a very informative report comparing the difference between renting a home for $2,000/mo and purchasing your own home for $300,000.
We will say it again – the best advice is to reach out and find out your options from an honest and experienced mortgage professional.
If we can offer any advice and comfort with trustworthy information, please reach out to us at 661-401-7800 or email us at email@example.com
Your friends and personal mortgage planners,
Don & Gino