THE AMERICAN DREAM IS WITHIN
YOUR REACH

Are you looking to buy your first home?

Are You Confused?
Are You Scared?
Are You Frustrated?

If so, you are at the right place. I know buying your first home can be overwhelming, especially the mortgage. In fact, a 2002 survey said that 75% of the stress of buying a home is due to the mortgage! That is why I personally sit down with every first time home buyer and we may spend as much as 2-3 hours together talking. You are free to ask any and all questions. And always know that there is no such thing as a stupid question with me.

3 Biggest Issues For Most First Time Home Buyers--
Credit Scores
Down Payment
Monthly Payment

Credit Scores—
Generally speaking, the best no money down loan programs and the best rates are available for borrowers with a 720 fico score or better. A majority of the same programs are also available at a little higher rate with a 660-719 fico score.

If you have a credit score from 620-659 there are some very good no money down programs available to you if your income is less than $72,000 a year or if you buy a home in a specific county. These are special loans from Fannie Mae (My Community Mortgage) and Freddie Mac (Home Possible Loan) the two biggest purchasers of mortgages.

If you have a fico score from 580-619 there is still hope for you. You may potentially still qualify for a My Community Mortgage or a Home Possible Loan. If you don’t qualify for one of these loans, there are still some good options for you. Just e-mail me or call me for more information.

WARNING! WARNING! WARNING!
HOW TO AVOID A FORECLOSURE—
Since 2005 Denver has experienced a HUGE number of
foreclosures. Why?
SUB-PRIME OR NON-PRIME LOANS!
Don’t let yourself become a VICTIM!

These loans can be very dangerous to your future! WHY?
Your initial interest rate is fixed for only 2 or 3 years.
Then, your rate may increase as much as 5% in year 3 or 4!
If you can’t afford for your home payment to increase
by over $500 in year 3 or 4 then you MUST CALL ME!

Many other lenders, especially mortgage brokers, are not authorized to offer this great loan, SO CALL ME TODAY!

If your credit score is less than 580, than we have some work to do and I would be happy to help you. Just e-mail me or call me.

If you have no credit score, there are some great loan options for you if you have non-traditional credit like—
Rent
Utilities
Phones
Car Insurance
Athletic Club Dues

For information on credit scores and how to improve them please read my Credit Challenged Page here at my site.

To learn about low down payment options, click here.

Down Payment--
Putting no money down on your home is Millionaires’ First Mortgage Secret. Personally, my wife and I have put no money down on either home that we have purchased and I don’t plan on ever putting money down on any home we buy for ourselves.

In 1998 only one loan program existed that did not require a down payment, a VA Loan for eligible military veterans. Today, there are dozens of options for you. Options such as—

Loans for greater than the home’s price
80/20 combo loans
100% loans with reduced PMI (Private Mortgage Insurance)
100% loans with NO PMI
100% interest only loans with NO PMI!
100% loans with tax deductible PMI (BRAND NEW!)

I will help you choose the best loan option for you when we meet in person. You can choose to have one loan or two loans. Your credit score will largely determine the best loan program for you.

Also, FHA loans allow for gift money from a family member, non-profit, or employer. We also have two banks still allowing the seller to pay for your down payment!

If you still need down payment assistance, I can help you with that. Organizations such as these can help you—

CHAC (Colorado Housing Assistance Corporation)
HOAP (Home Ownership Assistance Program
Arapahoe County Housing Program

To learn how to reduce your monthly payments click here.

Monthly Payment—
Many first time home buyers are concerned about their monthly house payments increasing significantly. I can relate to this as when my wife and I bought our first home our monthly payments increased from $350 a month to $1500 a month! Ouch!

Nearly ever first time home buyer will experience some payment shock. This will require you to adjust your spending habits. I encourage you to increase your monthly housing payment while you are still renting for 6-12 months and see how it works for you BEFORE buying a home.

How do you increase your monthly housing payment? Put the additional money into your savings account! For example, you are currently paying $1000 a month in rent and the home you want to buy requires a $1500 monthly payment. Start putting $500 a month into your savings account when you pay your landlord.

Today, you can choose from loans that only require an interest only payment and/or loans with no PMI or Private Mortgage Insurance to save you money every month.

Adjustable rate mortgages or ARMs may also provide you with a lower monthly payment and these may be appropriate for you. For an expert opinion e-mail me or call me.

Possibly, the BEST option today is a buydown. With a buydown your interest rate is reduced for the first 1, 2, or 3 years. The most popular buydown is a 2/1 buydown. Let me explain—

For the first year your rate is 4.50%
For the second year your rate is 5.50%
For years 3 through 30 your rate is fixed at 6.50%

A 2/1 buydown can save you over $200 a month in the first year and over $100 a month in the second year giving you some time to adjust your new housing payment.

To make it even better, we can ask the seller to pay for the buydown’s cost at closing!

For 8 Great Money Saving Stress Reducing Tips, click here

Final Tips—