How are you? Is the reason why the lender is asking for a large down payment because of your debt-to-income ratio is less than the standard guidelines? But that is kind of high for a mortgage loan. Are you a first-time homebuyer? If so, I would strongly recommend you contact an FHA lender because the minimum down payment requirement is only 3.5% and it is a Federal-insured loan. Below is a summary of what the FHA loan is:
FHA (Federal Housing Administration), also known as HUD (Department of Housing and Urban Development). The Federal Housing Authority is a federal entity that governs the FHA mortgage program, which is a low down-payment mortgage program with flexible credit and qualifying guidelines.mortgages. Here is a website that you can find out more on FHA Loans:
It gives you everything you need to know about FHA there. Buyer's assist is when you do not have money upfront to cover some of your closing costs, then you can factor that into your offer as a part of your mortgage. For FHA, you're allow to get up to 6% seller's assist with 3.5% downpayment (at least 3.5% of purchase price has to be your funding to bring to settlement).
If you have any other questions regarding loans or helping you find your next home, please feel free to email me at Phong.Lam@c21ag.com or call me at (267) 918-1880.
Thank you and I'm looking forward to hearing from you soon!
Have a great day!
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
Business: (215) 465-1400, ext. 508
Fax: (215) 336-7793
Mobile: (267) 918-1880
P.S. I would like to pass along this good news that was officially put into writing by President Obama recently in regards to the extension of the $8,000 First-Time Homebuyer Tax Credit. In addition to that, it is now expanded to current homeowners as well. If you or anyone that you know were looking for a house but were discouraged to buy because the expiration date of Nov. 30th was approaching fairly quickly, there is no need to worry anymore because it has just been extended until next year!
Banks will have you jumping through many hoops...
FHA only requires you to put 3% down. Your debt to income ratio will still have to be within the standards. If you know your monthly debt I can let you know you qualify and at what rate. I'm in the office now 856-685-1651.
601 Walnut Street
Philadelphia, PA 19106
Direct line 215-409-6937
Your Realtor should be guiding you through this aspect of the transaction.
Most Lenders have tightened their guidelines.I have several Lenders with different criterea. I would be glad to shop your loan around and see if anyone else can do better. Feel free to contact me. The best of luck to you!
Michael D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969