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Financing

 
There are many important steps to financing your property.  Below we have provided a quick guide to considerations within the financing process.  Ultimately, you will want to meet with a mortgage lender to understand your qualifications and to find the right program to fit your needs.
 

Budget

If you are like most buyers, there are two financing considerations in your purchase.  The first is how much down payment you can make. During recent years it became common belief that a borrower needed 20% down to qualify for a mortgage.  This just isn’t so.  There are many programs available that still offer 10%, 3% or even 0% down.  
 
The second consideration is how much you can afford to pay on a monthly basis.  Your monthly payment needs to take into consideration other living expenses including utility, auto, food and many others.  For more information on finding out how much you can afford, visit www.HUD.gov and search for “Buying A Home”.  
 

Qualification

Various loan programs have different qualification standards.  Generally, the following guidelines will be considered by the lender:
  • monthly housing costs compared to monthly income
  • debt to income based on monthly payments extending beyond 11 months into the future
  • credit score
  • past financial history including late payments, bankruptcy or collections
 

Finding The Right Loan Program

You may be thinking that you are not financially qualified to purchase a home based on the inability to meet all of the above criteria.  This may not be true.  You should meet with a qualified mortgage lender who can assess your situation and see if you are a good fit for the many home loan programs.  
 

Where do I go next?

Property Bin