So you think your credit is too bad to qualify you for a loan? No matter what your situation is, bad credit, good credit, lots of collections there is a good chance that a mortgage consultant will be able to qualify you for a loan. With tens of thousands of lenders out there with thousands of different mortgage programs there is a good chance that a loan can be found for you.

One of the questions every potential home buyer has on their minds is how much home can they afford. The quest to the answer begins with what size home your family needs, and what the going home price in the neighborhood is. Once those two questions are answered, an experienced loan officer can calculate how much mortgage you can afford, base on your current income, future outlook, and amount of savings. In most cases, your mortgage professional can often find a loan program, whether it would be a 15-year fixed rate mortgage, an Option ARM, a 5/1 Hybrid, or a 80/20 Piggyback, to help put your family in your dream home.

If this is your first home, you should work with a real estate agent who has had experience with first time home buyers and 100% financing borrowers. If you do not yet have a real estate agent, your mortgage broker is likely able to refer you to an agent who is familiar with these types of transactions.

Also, consult a mortgage broker about the different loan programs available to you. You may be able to buy your first home without making any downpayment towards the house.

Even if you are considering buying a home with 100% financing you should plan on having at least two months of mortgage payments, plus closing costs (again another 3-6% of the purchase price) saved in savings, investments, or retirement accounts. Some programs will actually finance up to 103% of the purchase price to include the closing costs items too. Another way is to have the seller pay for the closing costs up to 6% of the purchase price. Your mortgage broker will be able to assist you in determining the best way to go about these important factors.

If you decide that you want a no closing cost mortgage you can either have your real estate agent write this into the offer to purchase or we can help you with a program that will allow for these closing costs to be added into the loan. In most cases it will be better for you to add it to the offer to purchase as there will be no adjustment to the rate.