How Can You Qualify For A Home Loan?
Written by admin on September 14, 2007Qualifying for a home loan is more than just applying in today’s market.
Today’s home loan standards are changing almost every day. It is a combination of the declining home values in some cities and the sub-prime mortgage “melt-down”.
There was a time not too long ago where all you had to do to qualify for a home loan was to apply. Well, it was a little harder than that, but it seems like it was that easy.
You didn’t need a down payment and you didn’t need to make a lot of money. At least that is what some home loan lenders would lead you to believe.
Now, for the most part, you will need a down payment and you will have to verify that you make enough money to afford the home that you are buying. That sounds like commom sense if you ask me, however that is where the industry has put itself.
The down payments do not have to be large, they can be as little as 3-5% of the purchase price and there are still a few ways to obtain 100% financing. You need to talk to your home loan lender or mortgage company and find out what is available today.
March 1st, 2008 at 12:26 pm
I concur that downpayments do not have to be large but we will find that as ledning becomes tighter over the coming months we will find that lenders will be asking for a hogher interest rate for no deposit home loans.
April 17th, 2008 at 11:11 pm
In Australia most lenders do not require a deposit for your first home loan because there is a first home owners grant available to each state.
Do they have that sort of thing in your country???
May 7th, 2008 at 11:15 am
I think the most important step is to be realistic in what you can and cannot do. I’ve seen so many first time home buyers jump into something they cannot afford only because they have big dreams.
Do your homework done first if you are thinking about taking out a loan or mortgage. The time spent looking into your options can save you a good deal of money later on.
April 14th, 2009 at 11:20 pm
“Hi! Good post. I’ve noticed this new craze of John Beck’s program. I’ve also noticed that many people have purchased this system and using it. Even I bought his system and giving a try.
October 26th, 2009 at 10:51 pm
Great Post!BuyaMortgageNow mortgages by Leader One Financial Corporation offer great rates on second mortgages, home loans, refinancing, debt consolidation, first time home buyers, home equity lines and more for Overland Park.