The Truth About Home Loans

Kalamazoo Real Estate Podcast with Scott Ashbaugh

If you are looking to buy a home, make sure you’re not being fooled by these common lies about home loans.

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We get lots of questions and requests from our clients pertaining to all aspects of real estate. Our request today is, “Help me better understand home loans and the home loan process.”
National surveys show that there are several lies out there that people accept and believe. These include:

1. It takes an 800 FICO score to qualify for a home. You can absolutely qualify for a home if your FICO score is below 800.
2. You need to put 20% down on a home. There are programs out there that offer financing without a down payment.
3. There is a “no.” There may be a “no” today if there is some issue with your financial background, but the experts that we are going to hook you up with will walk you through exactly what you need to do to get you on the fastest path to get you qualified for a home loan. If you go through these steps, it’s not a “no.” It is simply a “when.”

It’s very important that right up front you clearly understand what type of property you are looking to buy because you have to qualify for a loan and the type of property you want to buy has to qualify for that type of loan. We want to make sure we are getting you qualified and prepared for the right kind of loan, so helping us understand exactly what you are looking for right away is very beneficial.

No matter what position you’re in, we’ll find out what makes the most sense for you.

Your FICO score, debt-to-income ratio, career, and household income may open you up to another type of loan. These factors are going to change bi-weekly, so experts are going to walk you through where you are today and walk you through all of the different loan packages that are out there.
Some people will have no money to put down, but can afford a house payment, while others will have up to 20% or more to put down. No matter what position you’re in, the loan experts we are going to hook you up with will walk you through all of your options to figure out what is going to make the most sense for you.
If you have any questions, please don’t hesitate to reach out to us. We would be happy to help you!