In reading a comment on a recent blog I wrote about gas price savings it brought to mind savings and its importance to home ownership. There are plenty of mortgage loan programs these days where a down payment can be gifted or zero down is required. This does not necessarily mean zero savings is necessary or a good idea. One of the first questions I get from home buyers is "How much money do I need?" Sometimes the answer is not much, however, the more reserves one has the better. I believe everyone … (2 comments)
I get this a lot, as a loan originator a potential home buyer calls, especially a first time buyer and we discuss what is needed to buy a home. We cover the credit history, the job and income history, record two years of residence history, talk about debt to income ratio, then we get to the savings. DO I NEED MONEY TO BUY A HOME? There are several loan programs that do not require a down payment, or one can use a grant program in some cases. So, having a down payment … (76 comments)
SAVING THE SALT OFF YOUR POPCORN
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