Myths
- Perfect credit is required for a mortgage
- A down payment of 20% or more is required
- PMI (private mortgage insurance) is required with less than a 20% down payment
- Lenders share personal financial information with each other and the government
- People who do not have bank accounts cannot buy homes
- You must have the same job for three years to qualify for a mortgage
- You have to prove your actual income
- You cannot get a loan if you have had a bankruptcy
- You must sell your current home before you can purchase a new home
- We are only able to lend in one state
Facts
- Very few borrowers have perfect credit
- In many cases, a home today may be purchased with no money down
- Today, many options are available that eliminate the need for PMI
- Personal information is protectedñ it is the law
- A bank account is a good idea, but not a requirement
- Steady income is more important than how long youíve been on the job. Income from second and third jobs can also be used in certain circumstances
- We have many loan products that allow you to simply state your income to qualify
- There are loans available that accommodate bankruptcies for qualified buyers
- Interim financing is available for qualified buyers
- We can lend in all 50 states
