Entries from Dan Melson's Website tagged with 'down payment'
New Consumer Article: Be Careful Moving Your Down Payment Money
The new consumer article for today is Be Careful Moving Your Down Payment Money. Underwriters want to see a trail on any money you have. If you don't have or can't show such a trail, the presumption is going to...
New Consumer Article: You've Got a Great Offer, But Can The Buyer Consummate It? (Cash to Close)
The new consumer article for the day is You've Got a Great Offer, But Can The Buyer Consummate It? (Cash to Close). These days, you have to pay attention to details like the limits of how much lenders are willing...
New Consumer Article: How Much Down Payment Do I Need and How Do I Get It?
The new consumer article for the day is How Much Down Payment Do I Need and How Do I Get It?. The title says it all: How much do you need, and ways of coming up with it in a...
New Consumer Article: VA Loans Have Become The Magic Bullet
The new consumer article for the day is VA Loans Have Become The Magic Bullet. It isn't that VA loans have changed; it's that everything else has severely tightened the qualifications. I'll try and have at least a couple of...
The High Cost of Waiting To Buy A Home
A couple of weeks ago, I got an email asking Save For A Down Payment or Buy Now?, and I wrote a two part article on the subject. Part 2 of Save For A Down Payment or Buy Now? Gave...
Save For A Down Payment or Buy Now? (Part 2 of 2)
(click for Part 1 of Save For A Down Payment or Buy Now?, which deals with the basic question of how well saving for a down payment increases affordability) But suppose, instead of waiting because you can't afford the payments...
Save For A Down Payment or Buy Now? (Part 1 of 2)
An email asked a question I should have thought to answer a long time ago, and the answer may surprise a lot of folks. I've been vaguely aware of this for a couple of years, but I was amazed how...
First Time Home Buyer Assistance Programs: Locally Based
One of the things people keep asking about is first time buyer programs. They exist, but lenders are not the first place to ask. Why? Because many, if not most lenders, actually charge a quarter of a point or so...
Full Circle: Back to More Traditional Lending Standards
I've seen more changes in the lending industry in the last six months than the previous five years. But those changes simply restored us to the place we were a few years ago. Loans are easy to get, rates are...
Seller Paid Closing Costs (or, When Your Prospective Buyer Has No Money)
In many transactions these days, the buyer has absolutely no money, or an amount that is not sufficient to pay the costs that they would traditionally be expected to pay in order to close the transaction. Nonetheless, in today's buyer...
100% Financing or Low Down Payment or Low Equity: PMI May Be The Only Option
One of the casualties of the current lending meltdown is the high loan to value second mortgage. With many properties locally having lost twenty percent or more of their value, a second mortgage on a property that ends up in...
Down Payment At Purchase or Wait Until Later?
Got a search engine hit for do I make a big down payment on a home or should make a lump sum payment after the mortgage It's very hard to construct a scenario where using it as "purchase money" doesn't...
Developers and Conditional Incentive Money to Use Their Lender
Good Evening! My name is DELETED and my wife and I recently signed papers to purchase a property from DELETED in DELETED, CA. After our options, their lot premium, and the elevation charge, the house is listed at 425,000....
Approaching the Loan Application Process - What Loan Will You Qualify For?
On of the biggest time and money wasters in real estate is people that apply for the wrong loans - loans that they can never qualify for because they can't meet the guidelines, or can't prove they meet the guidelines,...
Helping Yourself Qualify for a Home Loan
There are a fair number of specific helpful suggestions to make in helping you purchase a home. All of them revolve around the loan. Let's face it, the loan is far and away the most hypothetical and uncertain part about...
How Can You Tell If A Buyer is Qualified?
A high percentage of buyers out there have no idea of how qualified they really are themselves. They have no clue as to any of the major factors in determining credit-worthiness. To be fair, there are dozens, if not hundreds,...
Do I Need A Deposit With 100% Financing Offers?
The answer is yes. Consider the situation from the seller's point of view, and the answer becomes obvious. Here is someone who is proposing to not put any of their own money into the deal. What's their motivation to consummate...
Buy Now vs. Wait: Some Practical Hypotheticals
I am hoping to buy in the (city) area and am reviewing the possibilities. While I fear that the local market may be peaking, I intend to live in the home for at least ten years, so I am...
Loan Qualification Standards - Loan to Value Ratio
Many folks have no idea how qualified they are as borrowers. There are two ratios that, together with credit score, tell how qualified you are for a loan. The more important of these two ratios is Debt-to-Income ratio, usually abbreviated...
100% Financing: Buying A Home With Zero Down Payment
Is there any program that i can qualify for a home with no down payment? Lots of them. We may not be talking number of grains of sand on the beach or drops of water in the ocean, but...
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