You have saved and scrimped your money to get yourself from under the wasteland known as renter, where you pay month after month and gain nothing in return. You finally build up enough nerve to move ahead and bam, the credit crisis happens. Day after day you turn on the TV and are bombarded by news stories on how the entire mortgage industry is collasping and no one is being approved for a loan. Does all this sound familiar?
One cannot say that there are not major problems to overcome, but the mortgage industry is much more stable than the news media is reporting. One major improvement within the real estate industry is that this shake up has forced many of the unscrupulous Realtors and loan officers back into the shadows. Unfortunately, that leaves those of us, like myself, that have made the lending industry a career the ones who have to clean up the mess.
As a first time homebuyer, you may be wondering, with all the mortgage company closures, what programs could be offered to someone who has never owned a home? As I mentioned, the mortgage industry is more stable then the news media reports. There are still first time homebuyer programs such as the Flex97, Flex 100, and My Community which still allow first time homebuyers 97% or 100% LTV. Little known is the Bay Area Lending Initiative. which allows a first time homebuyer to contribute as little as $500 of their own funds, with a maximum LTV of 100%. this program is for first time homebuyers exclusive to the several counties within the bay area.
Most importantly, is finding a lender who will walk you through the process of getting your loan approved and closed. I have been helping first time homebuyers like yourself for 10 years to effortlessly get approved, closed and into their brand new first home. I have created a web page called First Time Homebuyer 101 with step by step explanations of what you can expect to see and terminology you will here. I have also included a video entitled, " 9 Steps to Homeownership" to start you off.
Buying you first home can be daunting, but it doesn't have to be with the right lending professional at your side.
Scott Dovala
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