Financing your house

Today I want to talk to you a little bit about how do you get qualified for a loan.

Here's the thing, there are a lot of ways to buy a house, you can do cash, you could do a

conventional loan, which is typically that can range from 10 to 20% down, you can do an

FHA loan, which is if it's going to be your primary residence, a lot of people do that, you

can do in certain parts of Maricopa County and Pinal County, USDA loan. There are a lot

of options. There's also down payment assistance options. But here's something to keep

in mind, the important thing is to be prepared and talk to a professional.

I work with some of the best loan officers in the industry, and it is always

important to get a second opinion because different lenders will have different

programs going on all the time and you want to know what it means to you. A lot of

people get caught up or get really excited, "Oh, down payment assistance. Yay!"

Sometimes that is a great way to go. What a lot of people don't realize is that if they sell

their home within three years, they have to pay off that assistance they received or that

the interest rate right now in the market might be at 3.75 but with a down payment

assistance program you're paying 5% or five and a quarter, and so your monthly

payments are higher and the amount of home you can afford goes down.

Those are all factors to take into account, which is why it's super important to speak

with a qualified professional about what makes sense for you. Maybe it makes more

sense for you to wait a little bit longer, save up a little bit more money, and have your

own down payment. Maybe you're in a situation though where, "Hey, we got to get you

into a home," and it doesn't matter if your interest rate's a little bit higher.So before you do anything, let me know. I'll hook you up with somebody that you can trust, that will shoot you straight, and we'll look at what are the best options for you.