Since it’s Friday the 13th and Halloween is just around the corner, we thought we’d share 6 common reasons why some people are afraid of starting the mortgage process. The good news is that you don’t need to fret. If one of the following reasons is holding you back, then you should probably call us.
Fear #1 – I don’t have enough money for a down payment
The news has scared many people into thinking they don’t have enough money. Fact is, there are options for extremely low down payments, as well as some programs that do not require a down payment at all.
Fear #2 – I don’t make enough money
Did you know many expenses are not even counted in the debt-to-income analysis on which loan approval amounts are based?
Fear #3 – My credit score is too low
FHA only requires a 500 credit score. It’s not our guideline, but rather the FHA program itself.
Fear #4 – I have too much debt
In the mortgage world, your level of debt is not as important as your monthly debt payments. If you’re wasting money on rent, it’s still the same expense.
Fear #5 – Buying a home costs more than renting
Not always true. We help people every month close on a home with the same budget they had for renting.
Fear #6 – Since I had a short sale, bankruptcy or foreclosure, I heard I must wait for so many years
Check out this free tool that shows you the MINIMUM waiting period by loan program (USDA, VA, FHA and Conventional).
Call (813-707-6200) our team of industry professionals today. No sales pitches, just expert advice.