Buying with no money down

Buying With No Money Down?

Can I buy a home with no money down?

This question is like asking how much is air fare from San Francisco to Miami. The air fare depends on when you are going, how long you are staying etc.

A lender uses ratios as a factor in determining the amount of loan you qualify for. There are two ratios. The first ratio is your total housing payment (Principle + Interest + 1/12 of the annual real estate Taxes + 1/12 of the Homeowners Insurance + Mortgage Insurance if required) divided by your gross income. The second ratio adds long term debt to the housing expense divided by your gross income. Ratios can vary based on several factors.

The most important factor is your past credit history. The higher your credit score the higher your debt to ratio percentage can be. The second most important factor is the amount of assets you have available for closing, and how much you will have left over after closing. The length of time you have been on your job and whether you are employed or self-employed are factors in determining how much you qualify for.

No two people have the same financial situation. Getting a letter of approval tailored to fit your situation is essential.

We can assist you in qualifying you for the maximum mortgage that you feel comfortable with.