Senior Placement Resources, LLC

home buyer Options

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Affordable Housing have all but Disappeared but here's some Tips on finding and buying a Moderate Priced Home we specialize in:

What is the cheapest option for buying a house?

  • Find a lease option purchase fixer or move in ready…
  • Use a no-down-payment mortgage. ...
  • Use a low-down-payment mortgage. ...
  • Get a gift, grant, or DPA loan to cover your upfront costs. ...
  • Get the seller or lender to pay your closing costs. ...
  • Consider a fixer-upper we specialize in. ...
  • Buying a foreclosure or short sale home. ...
  • Improve your finances before buying.
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What are the 3 most important things when buying a house?

They say the three most important things to think about when buying a home are location, location, location. You can change almost everything else, but you can't change your home's location.

What credit score is needed to buy a house?

If lenders review all the information and determine that you are likely to make your mortgage payments in full and on time, you may be able to get better loan terms. The minimum credit score needed for most mortgages is typically around 620.

How much should you put down on a house?

If you're wondering what percentage you should put down on a house, 20% down is the rule of thumb, but there is no one-size-fits-all figure. For example, some loan programs require a down payment as little as 3% or 5%, and some don't require a down payment at all.

How to buy a house without putting down 20%?

The FHA loan is a great option for first-time home buyers with lower credit scores. This program is backed by the Federal Housing Administration, and it's famous for its more relaxed approach to credit scores and down payments. With an FHA loan, you can put just 3.5% down as long as your credit score is 580 or higher.

What are 5 things you should do before buying a home?

  • Determine if owner finance or lease purchase option is your bets start.
  • Build and maintain your credit.
  • Save for a down payment.
  • Get pre-approved for a home loan.
  • Research and hire a good real estate agent.
  • Call 503-901-59t3 or click on CONTACT US above to have a chat our JJER consultants to explore the possibilities on how you can get that 1st home.

Mortgage selection tips:

A variety of mortgages are available with varying down payment and eligibility requirements. Here are the main categories:

  • Conventional mortgages are the most common type of home loan and are not guaranteed by the government. Some conventional loans targeted at first-time buyers require as little as 3% down.
  • FHA loans are insured by the Federal Housing Administration and allow down payments as low as 3.5%.
  • USDA loans are guaranteed by the U.S. Department of Agriculture. They are for suburban and rural home buyers and usually require no down payment.
  • VA loans are guaranteed by the Department of Veterans Affairs. They are for current military service members and veterans and usually require no down payment.
  • You also have options when it comes to the mortgage term. Most home buyers opt for a 30-year fixed-rate mortgage, which is paid off in 30 years and has an interest rate that stays the same. A 15-year loan typically has a lower interest rate than a 30-year mortgage, but the monthly payments are larger.

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