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Found 6 entries about Down Payment.

 

As agents, it seems like we're always trying to impress on home buyers the importance of getting at least pre-approved before looking at houses.  But some buyers just don't want to make the effort until they "find the one". 

Now those buyers are two steps behind.  Just getting pre-approved is no longer enough.  Today's savviest agents get their buyers loan approved in advance. 

Pre-Qualification, Pre-Approval & Loan Approved. What's the difference?

Pre-Qualification

Getting pre-qualified for a loan is an easy process.  It’s just an initial evaluation of your creditworthiness.  You give the lender your approximate income, the amount of your debt and any other important details from your credit history, often over the phone.

The

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One More Time... You Do Not Need 20% Down to Buy a Home | MyKCM

The largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which has eaten into the amount of money renters have leftover for savings each month after paying expenses.

In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment!

According to the “Barriers to Accessing Homeownership” study commissioned in partnership between the Urban Institute, Down Payment Resource, and Freddie Mac, 39% of non-homeowners and 30% of those who already own a home believe they need more than a 20% down payment.

The percentage of those

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Home Buyers Holding Back


2 Myths That May Be Holding Back Buyers

Fannie Mae’s article, “What Consumers (Don’t) Know About Mortgage Qualification Criteria,” revealed that “only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria.”

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.

Many believe that they need at least 20% down to buy their dream home, but many programs actually let buyers put down as little as 3%.

Below are the results of a Digital Risk survey of Millennials who recently

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FHA Reducing Mortgage Insurance Premiums

FHA Reduces Mortgage Insurance Premiums (MIP)

Starting January 27, 2017, mortgage insurance premiums (MIP) on most FHA-backed loans will be lowered by 25 basis points.  This means that borrowers who close on an FHA mortgage on or after January 27th will pay 0.25% less for the MIP. 

With this reduction in MIP cost, more homebuyers should be able to take advantage of pursuing an FHA loan to achieve their dream of homeownership.  According to HUD, FHA’s lower premium rates are projected to save new FHA-insured homeowners an average of $500 this year.

Bottom Line

If you're not sure what type of loan may be best for you, give me a shout.  I'm happy to walk you through "Mortgage 101" so you'll have enough information to make the choice that's

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3 Tips for Making Your Dream of Buying a Home Come TrueSome Highlights:

  • Realtor.com recently shared "5 Habits to Start Now If You Hope to Buy a Home in 2017."
  • Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking a lot about it.
  • Living within a budget now will help you save money for down payments and pay down other debts that might be holding you back.
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