Dispelling Nasty Rumors
Regarding Down Payments
 
 
 

     

    "Rumours" ... catapulted Fleetwood Mac to the top of the charts during the year 1977 ...

 
 
     "Rumors" ... was the name of an episode on the TV program Glee this last spring ...
 
 
      And Rumors ... are once again swirling about the amount of down payment a borrower needs to buy a home and obtain mortgage financing in the current market.
 
 
    THOSE rumors don't sound pretty.  THOSE rumors don't make you smile or tap your toes.  Nor are they humorous or entertaining.  They're inflicting some serious damage on potential home buyers.
 
 
 
     Just recently, I've had multiple mortgage phone calls from potential home buyers having heard rumors regarding the amount of down payment they'll have to save prior to starting their home search.
 
 
 
     These rumors have scared them. These rumors told them that they needed a full 20% down payment to buy a home. These rumors had stopped them dead-in-their-tracks and delayed their inquiries into home buying and mortgage financing.
 
 
 
     These RUMORS are totally false ... and they're keeping those that WANT to buy from venturing into the home buying waters.
 
 
 
    The TRUTH is ... mortgage loans ARE available for those with *:  (* and accompanying required credit scores, etc.)
 
 
  •   3.5% down payment for FHA Loans
  •   $100 Down - on HUD Foreclosed properties
  •   $1,000 Down on IHDA Loans
  •   5% Down on Traditional Conventional Loans
  •   No Money Down on VA and USDA Loans
  •   3% Down on some Homepath Properties
  •   .... and More!



   Obtaining mortgage loans has become a much more detailed and nuanced process.  There is truth to that.  And seeing to ... and dealing with these many details ... can likely take mortgage and real estate professionals' focus off the most fundamental of concerns that potential home buyers have.  The basics, like that of down payments.

 
Contact Gene Mundt, Mortgage Lender    

     So, let me start right here. Let me dispel the rumors surrounding this very important basic.
 
     Agents ... join me in this.  Spread the word.  Tell all you know ...
 
 
 
    
   Borrowers!  Those hoping to buy a Home!  You can buy a home WITHOUT 20% DOWN PAYMENT!
 
 
    Contact me today ...  to find out more about the mortgage programs that exist for home buyers hoping to borrow with less than 20% down payment. 
 
 
     Or contact your agent. But take action.  Interest Rates  are at historic lows.  Home prices are lower than they have been in years. Homeownership is within your reach WITHOUT 20% down.
 
 
 

 
 
 
     * Find out what home buying and mortgage financing options exist for you today. Contact me ... I'll put my 35 years of mortgage experience, expertise, and knowledge to work on your behalf so your home buying dreams become a reality.    
     I can be contacted through any of the following:
Direct:  815.277.4036   Cell/Text:  708.921.6331
Website:  www.genemundt.com
Skype:  630.219.1316
 

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Gene Mundt, Sr. Vice President - Chicago Bancorp mortgage lender     

Gene Mundt

Regional Manager - Mortgage Lender

                                                                    Personal NMLS #216987

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This post has been included in Illinois Real Estate News Will County, IL Real Estate News Plainfield, IL Real Estate News
Post is included in group: Advice for Buyers
Post is included in group: Buyer Information - What Buyers Need to Know in Today's Market
Post is included in group: Chicago Area Real Estate BUZZ!
Post is included in group: Mortgages
Post is included in group: Realtors®

10 Comments on Dispelling Nasty Rumors Regarding Down Payments

FEB
10
2012
1,341,868 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Great information........yes, there are always rumors and half truths that fly about!
1:17pm • #1
169,165 Points Outside Blog Attended Rain Camp Called Shot Master

You mean that internet lender lied to me about doing 100% financing with me getting 20K out for cash out on a purchase with him paying 100% of my closing cost is lying to me?  Oh yeah, he also told me he was the best out there with a 2.000% rate.
1:17pm • #2
226,166 Points Outside Blog Attended Rain Camp Called Shot Master

Gene -- do you have any of those local government down payment assistance plans in your area?  The ones where the government loans the qualifying buyers the down payments which won't have to be repaid (is a silent second) until the house is sold or refinanced (or we even have one, where if they make the payments for 5 years without a problem, the amount is forgiven.)
2:12pm • #3
496,108 Points 149 Featured Posts Outside Blog Hit Router Called Shot Master

Barbara-Jo:  It just seemed that I was hearing this particular rumor alot lately ... so trying to "head it off at the pass" before it does too much damage .. and help others that might be hearing it too.  Thanks for commenting, good to hear from you ...

Stephanie:  Aaaggghhh!!  You talked to HIM too????  That guy gets around!  Just Amazing, isn't it?? 

Gene 

3:05pm • #4
511,432 Points 12 Featured Posts Called Shot Master

Gene, because of our area we have two USDA loans going now.  Zero down.  And, one VA and two FHA.  20 Percent, no way.
5:06pm • #5
496,108 Points 149 Featured Posts Outside Blog Hit Router Called Shot Master

Great!  Glad to hear that you have those options ... and TWO USDA's!  Fantastic.  Underused program in many areas.  Hope you get to use ALL these programs many times over, Don ...

Gene
5:23pm • #6
498,428 Points 22 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Isn't it interesting how misinformation gets out there and then spreads like wildfire!  This is a great post to get the true info out to buyers since there do seem to be quite a few people who think they could never buy because they don't have 20% to put down.  Seems like unless I have a cash buyer, having 20% down almost never happens...
6:01pm • #7
FEB
12
2012
1,108,155 Points 72 Featured Posts

Gene, Great way of getting the word out about rumors in the mortgage industry and letting consumers see the true facts!
6:06am • #8
678,822 Points 51 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Gene, there is so much bad information out there scaring potential Home Buyers right out of the market. Makes me crazy!
5:32pm • #9
496,108 Points 149 Featured Posts Outside Blog Hit Router Called Shot Master

Nancy:  20% down??  Like you say ... almost unheard of!  And why some people insist on spreading this erroneous info, I have no idea.  Hopefully, if we ALL help spread the truth, IT will catch on ...

Larry and Sheila:  Thank you!  I hope it proves to be beneficial for all that read it ...

Connie:  I so agree!  Seems we're always having to stay alert to these rumors ... and stamp them out, when possible.  Hope this post ends-up doing that for many ...

Gene
5:46pm • #10


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