You have dreamed for years about owning your own home, and you are so close—but you never quite take the leap and start shopping for your dream home. Sometimes, it may really not be the right time, but quite often, homebuyers stand in their own way when it actually is the right time.
Below, we go over some common objections raised by homebuyers and some workarounds that make it possible to buy a home.
4 Problems That Stop You from Buying a Home
- Problem: Affording a down payment. Solution: If there is no way you can put 20% down on a home, you might wonder if you need to keep saving up. That depends. If you really want to put 20% down, then yes. But if you are flexible, there are some equally flexible mortgage programs out there that will allow you to purchase a home with a lower down payment. Two of our top recommendations in this situation are USDA and VA mortgages, both of which require zero down payment. FHA mortgages are also an excellent choice with their low down payment requirements. And do not forget about conventional loans, which can have low down payments in some scenarios.
- Problem: Imperfect credit score. Solution: There are some ways you can give your credit score a last-minute boost. That might be enough to open up the doors of opportunity that you need to proceed. But the same mortgage products we just mentioned—USDA, VA and FHA—are also solutions in case of credit scores that are not perfect. These products are easier to qualify for in that respect than regular conventional home loans, and come with affordable rates.
- Problem: You are not sure what type of home loan you need. Solution: If you are at a total loss for what the difference is between a conventional loan, a conforming loan, and a non-conforming loan, or between a USDA loan, a VA loan and an FHA loan, you are in the right place. MMS Mortgage Services will take all the time you need to give you a complete understanding of the features of these different types of mortgages, how to qualify, and their pros and cons. We can help you choose the loan that is suitable for your scenario.
- Problem: You do not understand the mortgage process. Solution: It is completely normal to find the mortgage process complicated when you are new to it. But for just that reason, you do not need to let that stop you from moving forward with your home purchase plans. Just as we will take as much time as you need to learn about the different types of loans, we will take as long as you need to explain how the mortgage process works. That way, you will be confident taking the next steps and applying for a mortgage. If additional questions come up along the way (and they will), our friendly team will be here to answer them.
MMS Makes Home Buying Easy
Whatever may be holding you back from buying a home, MMS Mortgage Services is here to find solutions and make it easy to purchase a home. To find out how we can help, please contact us at (248) 788-0800 to set up your mortgage consultation. We can help you buy a home or refinance in Michigan or 15 others states.
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