100% 3 1/2% down

The biggest challenge for the consumer trying to purchase their first home is the downpayment.  The internet is crawling with misinformation about downpayment.  The other challenge is that downpayment is a moving target and it’s hard to get your savings from where you are today to where you want to go when you are trying to hit a moving target.  

In fact if you are trying to take advantage of the current reduction in purchase prices in the Real Estate market generated by the foreclosure crisis, you are not alone.  However, getting your downpayment in order quickly and effectively is a high priority because if this crisis passes before you have saved a the cash you need, you will pay much more later for homes that are “on sale” today.

Hello my name is Helen Williams, Certified Mortgage Planning Specialist with Titan Funding Group of Eugene, OR.

There is a disconnect between what is being reported in the media and on the internet and the reality of the world for mortgage seekers trying to save a downpayment today.  Where a couple of years ago, you could buy with no money down and current credit problems, it is now misperceived that you cannot buy today without twenty percent down and perfect credit.  

Here are several things that most people are not aware of or don’t completely understand when it comes to credit in today’s Real Estate Financing market.  Here are some facts:

• Every loan program whether FHA, VA, conforming or otherwise has a different down payment required.
• The down payment necessary to purchase a home with FHA or VA financing has risen and will continue to rise.
• There is still a 100% financing program available.  That’s right no money down.  However it is a specialty program with firm guidelines.
• FHA lending, most commonly used by first timers require 3.5% down.  This is up from 3% a year ago and may rise again soon.

Some general rules of thumb when considering credit.

• Review your situation a minimum of 90 but better yet, 180 days prior to needing to secure financing plan your savings.
• Understand that some programs allow for the gift of funds from those close to you to help you get your down payment together.
• Know that the sudden appearance of cash in your accounts outside of your normal income earning pattern will be a red flag for lenders that could jeopardize your getting your home financing.

One of the strategies that I provide for my clients and professional partners is called a Down Payment Analysis. 

I can provide a complimentary consultation to learn about your objectives and see how we can develop a strategy to get the financing you want through one of the many non conforming programs we have available.  The discussion requires I obtain a few pieces of information from you, gathering that data takes less than 10 minutes. Leave no stone unturned in your efforts to get financing.  To be able to schedule a no obligation, exploratory conversation to determine the right strategy call me at 541-341-1400 x 3104 to begin.

And be sure to ask about the complimentary Total Cost Analysis report.  If you decide to take action and secure a mortgage the Total Cost Analysis helps you choose the right mortgage.

What do you have to lose? More importantly, what do you have to gain? 

We have the key to securing the right mortgage at the right down payment.