Home Loans, and knowing which one best serves your needs, can be tricky in today’s market. Understanding which type home loan and product works best for your particular scenario can save you thousands of dollars (not to mention frustration!). With such low inventory in North Texas, creativity counts when 1) you need to win in a multiple-offer scenario and 2) have a challenging situation or are self-employed. If you’re wondering how to qualify for your next home, read on…
Thankfully, I have had the opportunity to work with some of the BEST loan officers in our business! If you aren’t finding homes that meet your “move-in-ready” standard, let me introduce you to a pro who can tell you all about the 203K home loan program. Looking to actually flip property for profit, and not actually owner-occupy the home? I have a wonderful connect with a bank which offers you a line of credit after just two successful “flips”. Credit-challenged or a recent divorce has left your credit score less than “healthy”? With today’s FHA home-loan, which offers a 3.5% down-payment option, your score has to be at least a 580 for financing approval. Is this your first home, or the lack of a down-payment is preventing you from owning a home? Perhaps the SETH down-payment program is for you (requires a 620 Fico Score). Self-employed, and wondering how that will affect you? As you might guess, I have wonderful loan officers who are ready to lend and specialize on this particular type of situation, too! Considering a move-up or want to enhance your lifestyle? Concerned your current home won’t sell before the dream-home you just saw sells (to someone else)? Let me introduce you to the Bridge Loan Program. I also have access to the relatively new 3% Conventional loan program or get this….a 1% Conventional Loan Program through one of my preferred lending partners. Whatever your situation, chances are…there is a product out there for you. Let’s recap just a few of the primary options that are currently available to you (all data is as of 5/10/17; always confirm as rules and guidelines can change at any time, and without notice):
FHA Home Loans (580+ Fico Score / 3.5% of sales price as down-payment)
SETH Down-Payment Assistance (Zero Down) Programs (620 Fico Score-can be used with FHA OR Conventional Loans
Conventional Home Loan (680+ Fico Score)
203k Home Loan (For Owner-Occupied Renovations / Fixer-Uppers)
Bridge Loans (Help you buy your next home before you’ve sold your first one if you don’t qualify for both).
Portfolio Loans and Hard Money Loans (Investment Property / Property Flipping)
There are SO many options and products in today’s market!
By the way…if you haven’t already heard, as of 7/01/17, more than 60% of tax liens and public records currently reflected on one’s credit bureau will be taken off for not meeting the new guidelines. If one of these situations has prevented you from your home-ownership goals and dreams, feel free to contact me, and I’ll put you in touch with the loan officer who specializes in that particular scenario. I would love the opportunity to listen to your story, and find a successful solution to your problem.
Amy S. Arey, Realtor | Halo Group Realty, LLC | 214.901.1341-Cell