Final 3 down payment assistance myths debunked – Get the top 10

We want you to get the real story on down payment assistance. Drum roll please…we debunk our final three surprisingly common myths about down payment assistance. And, you can check out our complete top 10.

In a competitive market, it’s important to investigate all your options and don’t let these common myths keep you sidelined.  keep reading

What Lenders are Really Thinking When They See Your Credit Score

Without a high credit score, you won’t qualify for the best mortgage rates available, which could mean you’ll end up paying more money over the term of your mortgage. Even with rates at historic lows right now, the difference between 3.5% and 3.75% can add up, especially if you’re applying for a 30-year fixed-rate mortgage.

Why does your credit score matter to lenders?

Along with a low debt-to-income ratio and a strong financial history, a high credit score gets you a low mortgage rate. But why? keep reading

Practical mortgage strategies for today’s buyers

The-Washington-Post-logoWill credit be tougher under new Qualified Mortgage (QM) regulations? According to the recent Capitol Hill testimonies of several mortgage, banking and credit union leaders, the new regulations will cause lenders to become overly cautious about approving buyers, even those who are credit-worthy. In the wake of all the changes this year, what can buyers do to improve their situation? In Ken Harney’s recent The Nation’s Housing column, he reviews a few key strategies for today’s buyers:

  • Search for flexibility in the debt ratio standard by finding qualified co-borrowers, look for conventional loans sold to Fannie Mae or Freddie Mac, and consider FHA loans.
  • Look for down payment assistance options offered through state and local housing finance authorities.  DownPaymentResource.com is highlighted as a way for homebuyers to research their options.

Above all, Harney recommends homebuyers check out their options with the help of an experienced loan officer who works with a variety of funding sources. keep reading