If owning a home is on your list of things to do, then June is a great month to check that list! Since 2002, by presidential decree, June is National Homeownership Month. Across our great nation, Realtors and lenders are joining together to help more Americans achieve the success and security of owning a home. At PMG Home Loans, we are enthusiastically joining this campaign. Here’s what we are doing to help more Americans achieve this dream.
Low Credit Score Loan Programs
If you monitor your consumer credit and your score, that gives you a head start on the home buying process. A key factor that lenders consider is your credit and history of payments. They aim to answer questions like, “Have you paid on time to the creditors from whom you have borrowed,” and “How much debt do you have right now?”
But you should know that the credit score most consumer-facing agencies provide to you is based on the Vantage Credit Model. This is not the scoring model that lenders use. This can be a shock when you think you have a higher score, only to find that the lender’s credit report shows you have a much lower score.
At PMG Home Loans, we have a loan designed to tackle just this situation. Even with a lower than anticipated score, we can still help most borrowers purchase the home of their dreams.
Down Payment Assistance Programs
A big obstacle to overcome in purchasing a home is finding financing. Most of the mortgage loans require a down payment (cash investment on the purchase of the property). On a tight budget, it can be difficult to set aside extra money every month for this specific purpose. At PMG Home Loans, we have loans that are designed to assist homebuyers with the down payment. We have access to government offered down payment assistance programs and reduced down payment products. For qualified home buyers, this can alleviate the stress of trying to save extra money every month for the down payment. If you an active military member or a retired veteran, it’s possible to purchase a home with minimal or no money out of your pocket. We proudly offer these programs to assist potential home buyers.
The home lending guidelines for qualifying for a mortgage loan can be restrictive. We offer non-traditional loans that can help self-employed borrowers qualify for a home purchase. These products allow for the use of bank Statements instead of tax returns. We have loan products that can use alternative forms of credit to verify a credit history that meets home lending rules. Also, if you are retired and looking to purchase a home, we have a loan designed to help you qualify with your retirement assets.
At PMG Home Loans, we are celebrating National Homeownership Month! Call us today for a free evaluation or complete the online request, so that you can take the first steps toward homeownership with confidence.