We Lack a Down Payment

Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869


“Mr. Petrowsky,
We spoke about a dozen years ago, looking for a mortgage. At the time you could not do a mortgage for us as our debt ratio was very high. You even brought up a topic we just didn’t want to hear, which was bankruptcy. We didn’t do it then, but 5 years later we did end up filing.

In any case we want to buy a home, our credit is good, we both have good jobs, but lack a down payment.

I was online earlier today and came across your name and read that you had a down payment assistance program. Can we qualify for this program? We can come to your office to discuss or do a zoom call, whatever works best for you.”

Making a sizeable down payment is one of the main reasons that folks continue to rent rather than buy a home. There are other reasons, but a down payment is a major factor.

But now we have a solution – We are offering down payment assistance on FHA mortgage, a minimum of 620 mid-credit score is required. That means the lender will cover the cost of the down payment.

If a down payment is not an issue any longer, why continue to pay rent?

Contact me with any questions.

Originally posted on RightTracFG.com

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (2)

Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse Advisor

I imagine my market is the exception to the rule. Co-op's represent about 70% of the homes for sale here. Co-op's generally require at least 20% down payment, 2 years of post closing liquidity, and also a debt to income ratio minimum (typically starts around 28%...but it could be 20% or less in very conservative buildings). Of the non-co-op inventory for purchase- most of the buildings, as well as the bankers want to see a minimum of 10% down.  Not a lot of banks will want to lend with only 10% down here- but there are some. A lot of the lending here doesn't meet agency lending requirements- so a large portion of the loans are portfolio lending. 

Renting in NYC is more akin to the paperwork of buying in the rest of the nation, and buying here is like no where else. 

Sep 30, 2022 09:56 AM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Joe, it is always nice to see your letters.  People coming to you for your help, guidance, and professional expertise.  Thanks for sharing yet another.  m

Sep 30, 2022 01:50 PM