2006-06-05 14:00:08 · 3 answers · asked by irishcowboy46t9 1 in Business & Finance ➔ Renting & Real Estate
It is not necessarily hard to get a mortgage if this is your first home. You just need a mortgage broker who knows what they are doing. There are a number of programs available (I am a loan officer). Depending on your credit/income scenario, and how long you plan to keep the home, a loan package can be put together to fit your situation. If you have any questions feel free to send me a message, I'll be glad to answer them for you.
2006-06-05 16:35:57 · answer #1 · answered by H. Fannin 1 · 0⤊ 0⤋
There's three "magic" items. Cash, credit and income. Cash means a big down-payment (the closer to 20% of the home's purchase price you can get, the better). Credit is your credit score. And income is how much you earn in relation to how much you want to borrow. Having all three of these will get you a good loan easily. If you only have two, you can still get a good loan, so don't worry. If you only have one, you should wait to purchase a home.
Be very careful when looking at mortgages. There are many loans out there that make it look like your house is more affordable than it is. For example, an "interest only" loan, where during the first 5 years of your mortgage, you pay prorated interest and no principal. You build no equity in the home, and after the interest-only period is up, you now have only 25 years (instead of 30) to pay off your balance. Your payments skyrocket!
2006-06-05 14:07:33 · answer #2 · answered by dcgirl 7 · 0⤊ 0⤋
you contradict yourself. You can't get a first mortgage if you've owned a home before.
If your credit is decent you should have no problem getting a mortgage.
2006-06-05 14:04:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋