Find a great lender, then start shopping for your home or investment property you would like to buy. Let me preface this with a disclosure - I AM NOT A LENDER, I AM A REALTOR IN DELTA COUNTY, COLORADO, WHO DOES NOT LIKE DISAPPOINTED BUYERS! Too many times, buyers go about this in the opposite way. Find a home and then go try to get a loan...no! In the last year or so, much of the news media has focused on how difficult it has become to obtain a mortgage on your new home or investment property. Can you walk in a bank and tell them how much money you made last year without producing some proof and get a loan? Nope! Can you get pre-approval for a loan by providing a lender with documentation about your income, a decent credit score, and some down payment money (with some loans as little as 3 1/2 % of the purchase price)? ABSOLUTELY!
We just received word this week that USDA Rural Development Guaranteed loans have or will soon be reinstated. Delta County, Colorado, qualifies for these loans. A little known program is the USDA Rural Development DIRECT loans. They are a great product for someone with lower income and a small amount of debt. The unique part of this loan program is that the interest rate may be partially subsidized. Many of the homes for sale in Delta County, Colorado, meet the requirements for USDA Rural Development Guaranteed and Direct loans. BOTH OF THESE LOAN PROGRAMS REQUIRE NO DOWN PAYMENT FUNDS.
In addition to the USDA loans, Federal Housing Administration (FHA) guarantees loans made by FHA-approved lenders through mortgage insurance. FHA loans require a much smaller down payment than a conventional mortgage. FHA loans require an up-front mortgage insurance premium and then there is a monthly mortgage insurance premium included in your monthly mortgage payment for a period of at least 5 years.
The thing to keep in mind is this -1) ALL LENDERS ARE NOT CREATED EQUAL.
2) ALL LENDERS DO NOT HAVE ACCESS TO THE SAME LOAN PRODUCTS.
Most people will buy more than one home in their lifetime, some will purchase many homes and/or investment properties. We work with many lenders and can give you a list of the best ones for your situation. Call or email me today for a list of local lenders to meet your individual needs.
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