Maybe the company you went to benefits from ARM mortgages in some way. If you want a great mortgage person give me a call and you can meet him for FREE with no obligation at all.
Call me today at 646-725-5941.
If you wanna go FHA you can as little as 3.5% down and keep your cash for a rainy day.
The safe assumption is that to get a 2-4 fam conventional (non-fha) you would require about 20% down and in some cases where the credit is amazing you can go as low as 15% down. For a conventional loan you would need 660+credit scores, 2 year job history, and some cash reserves for a few months mortgage payment. FHA is similair except your credit can go as low as 621 (sometimes 601). Mortgages for first time home buyers are very easy.
I can prequal you by telephone with a 10 min conversation.
I can generate a pre-approval within 30 mins of seeing documents.
Unlike major banks (45-60 days) I can get a deal closed in 30 days flat and Im cheaper.
877 301 2700
Who ever told you that does not know what they are talking about! You should definately speak to a different banker. I would suggest you speak to 3 different mortgage bankers: 1) Go to your regular savings bank, 2) have a family member or friend refer you to a mortgage banker they had a good experience with and 3) you may also want to go to http://www.LendingTree.com.
The only thing you have to worry about is getting yourself prequalified. The only way you can truly do that is by bringing your last two years tax returns, last three months bank (and/or asset) statements and recent paystubs to the mortgage banker and have them run your credit report to see your debt and credit scores. Then the bank will be able to tell you how much you can borrow, what type of rate you will receive and what type of mortgage product you can qualify for. Then they will also be able to tell you how much said loan would cost you on a monthly basis.
I must point out that if you go with an ARM you will be able to borrow more money as opposed to a fixed loan. But be careful, you don't want to get in over your head!
If I can be of further assistance, please let me know.
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Now is the best time to buy your home for two main reasons
1) rates are historically low
2) $8000 tax credit from Gov if you qualify.
If you are interested, I can help you find your perfect home.
Hope this helps.