Today’s Buyers have More Loan Choices

In the old days real estate was much different and your home-buying power depended strictly on how much money you made, how much cash you had for the deal and how much debt you carried. A strict formula would knock you out of the homeownership game if you couldn’t follow the stringent guidelines:

    • No debt over 36% of your income.


  • No monthly payment beyond 2.5 times your monthly income.
  • A 20% down payment is required to buy.


With the maturing of the financial industry came new and improved home loans that have changed these requirements. Some programs allow 40% debt-to-income ratios. Some lenders now offer 3%, even 0% down payment programs. Today, two buyers with the exact same financial profile could qualify for substantially different homes, depending on what loan program they select. If you’re in the market to buy, check with your lender or give me a call to find out more about low and no down-payment plans that could help you qualify for a larger home for less cash.

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