One
of the most exciting adventures you will ever encounter is purchasing a
home. If your a first time buyer or an experienced investor we will
make the process quick and easy. Below is some helpful information to
get you started.To get started immediately click here for our on-line application.
Return to Loan Programs
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Many
factors are considered when applying for a low down payment home loan.
These factors include a good credit background, sufficient appraisal
value, and adequate income to pay the monthly mortgage payment. While
these factors are important other considerations are also taken.
Your
home loan professional will be able to discuss your qualifications with
you on an individual basis. At this time other factors including your
ability to pay the closing costs will be discussed. Closing costs are
typically 2% to 3% of the price of the house. Your home loan officer
will also discuss with you certain formulas that are used to determine
your long term ability to pay for the home loan.
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Loans
and gifts from family, friends, and other organizations can help you
put together a down payment sufficient for your home loan needs. The
percentage of the loan or gift that is available for use as a down
payment can vary depending on the type of home loan you qualify for. It
is important to discuss any loans or gifts you plan to use as a down
payment with your mortgage lender.
Many companies also offer
programs to their employees to make the home buying experience easier.
401K plans are often used for this purpose and employees are permitted
to withdraw from their 401K plans without penalty to provide a down
payment on a home loan. Making use of your 401K program can be useful
and beneficial but there can be drawbacks that must be examined.
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There are national non-profit organizations dedicated to assisting homebuyers with their down payment and closing costs.
Housing
authorities are agencies in cities and states around the nation that
handle housing issues in their designated areas. Many housing
authorities strive to provide stable and affordable housing for low and
moderate income persons and create living environments that help
residents learn to live independently. Your mortgage broker is educated
about current housing authority issues and can serve as a liaison
between you, the borrower, and your Housing Authority.
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Purchasing
a home is a goal shared by many people but it can be difficult for some
to collect the funds needed for a down payment. Fortunately, there are
many programs to assist those who need help with down payments. There
are national assistance programs and programs specifically for
residents of your state. The precise requirements of the individual
programs will need to be discussed with your mortgage broker but many
assistance programs do not require repayment of the gift and do not
place caps on the borrower's income to qualify for assistance. One such
program is called Neighborhood Gold. This down payment assistance
corporation provides free grant money to borrowers with no down
payment. The qualifications for the Neighborhood Gold program are
relatively simple to meet and your mortgage lenders are knowledgeable
of the requirements.
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Purchasing a KANSAS CITY home is made easy by your KANSAS CITY mortgage
lenders at 360 Mortgage Inc.. KANSAS CITY purchase loans are available
to KANSAS CITY borrowers at a wide variety of rates and terms. Contact
you KANSAS CITY purchase loan professionals at 360 Mortgage Inc..
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