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Bank Statement Mortgage

Are you a business owner or an independent contractor without a salaried income? Getting qualified for a traditional home loan can be a challenging task. In such conditions, a bank statement mortgage can be a perfect option, and these types of loans are used by self-employed applicants, independent contractors, workers with seasonal income, etc.

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Down Payment Assistance Program: Making Homebuying Easy

One of the most significant investments you will make is buying a home. The entire process demands vast funds, from its upfront cost to the move-in expanse. Often home buyers struggle to save for the down payment and closing costs. Today, the real estate and mortgage industry offers a wide range of programs to make homes affordable for everyone.

A thumb role is to pay at least 20% for the down payment. Don't feel discouraged, if you think that you can't afford the same. Down Payment Assistance, Georgia will rescue you from this challenge and help you take one step closer to your dream of becoming a homeowner.

What is the Down Payment Assistance Program?

When you purchase a house, you might need to put money down that might be equivalent to about 10% to 20% of your property's final purchase price. This amount is termed a down payment. This amount may vary, and you might also qualify for no down payment mortgage. However, people, especially first-time homebuyers, often struggle to come up with this cash.

Government and private agencies offer down payment assistance programs to help homebuyers arrange funds for the down payment. Often it is offered in the form of grants. The government or private agency might either waive the down payment requirement or pay it independently. You need to meet the strict requirement to qualify for this program. You might be required to live on the property for a particular number of years.

What are the Types of Assistance Programs?

There is a wide range of down payment assistance programs designed to help you buy your first house. Let's explore more about each option:

Grants: It is an attractive down payment assistance program in which you are not required to pay back. In some assistance programs, your entire down payment is entirely covered, while in others, only a certain percentage is covered. You might need to come up with the rest of the amount on your own.

Forgivable loans: It is another attractive down payment assistance program, often with 0% interest. You might not require to pay the amount back if you meet certain conditions. These pre-requisites might vary on the mortgage type you select. However, you might be required to live on the property or work in a specific profession for a pre-determined number of years.

Deferred-payment loans: You have to pay the amount back, unlike the assistance programs mentioned earlier. However, it often comes 0% interest rate, and you are not required to pay the amount back until several years. Thus, giving you a chance to settle in your home and save funds.

The Bottom Line

Saving for the down payment of your new house doesn't need to be challenging anymore. Opt for the down payment assistance program to make your dream come true.

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Federal Housing Administration Mortgage Solutions In Georgia

The dream of owning a house is something that most Americans can easily relate to. It’s relatively easier for those with an impressive income to own a property in this land of dreamers. But what about those with low credit scores and poor earnings, or not enough to go for conventional loan options? Fortunately, they have a silver lining in this case.

The Federal Housing Administration offers a unique opportunity to all low-income citizens to buy homes with a government-insured mortgage option. FHA home loans help you achieve your goal of owning a home with flexible financing terms that you can enjoy at lower interest rates than other loan schemes. You don’t need to worry about lower minimum credit score requirements with the Federal Housing Administration loans.

Things to Consider Before Going for FHA Loan Options

Even though FHA has made it simpler and more convenient for low-income people to get house loans, there are still a few measures that one can take for a smooth process. If you plan to buy a house using the FHA mortgage in John Creek, Georgia, you must first ensure a few essential things.

Are You Ready to Own a House?

Owning a house can be tremendously exciting, but it’s certainly not a child’s play. If you've lived in a rented house with your family for some time, you're probably aware of the many responsibilities and challenges that come with it. Managing finances, house maintenance, safety, etc., are a few to count. With owning a house on loan, you will have an add-on that requires regular, long-term attention.

Do You Fulfil the FHA Loan Criteria?

The Federal Housing Administration loansrequire several conditions that one must satisfy to benefit from the scheme.

● The property must be your primary residence, and no other investment properties qualify for it. Additionally, the move-in date must be within 60 days after closing.

● FHA property requirements must be met regarding security, safety, and structural integrity.

● Your credit score must be at least 580 or higher. You also need to ensure a 3.5% down payment.

Complete Documentation

For any government scheme, you need to have complete documentation ready. So, if you want to benefit from the FHA mortgage in Johns Creek, you will require the following documents:

● Government-issued ID proof such as DL, social security card, etc.

● Pay check stubs for the last 60 days.

● Detail of the previous two years of complete tax returns- Self-employed income.

● Recent bank statements of the last 60 days.

● W-2 statements for the past 24 months for all borrowers.

Conclusion

To conclude everything, the FHA mortgage scheme is an excellent option for those who do not qualify for conventional loans. But as we said earlier, you still need to take many careful measures before proceeding with any mortgage solution. So, make sure you are ready with everything.