When it comes to mortgage loans, one size does not fit all. Understanding the different loan types and associated terms is crucial in finding the right fit for your unique financial situation and goals. The same can be said about your mortgage lender or mortgage broker. Learn why Chris Schmidt and Your Home Loan Group is different…
How Much Do You Need for a Down Payment?
Typically, lenders require a minimum down payment of 20% of the home’s purchase price to avoid private mortgage insurance (PMI). However, several loan programs, such as FHA and VA loans, offer lower down payment options, making homeownership more accessible for those with limited savings.
If you’re unable to put down 20%, PMI will be required. This insurance protects the lender in case of default and adds an additional monthly cost to your mortgage payment. It’s essential to factor PMI into your budget and explore alternatives like piggyback loans or lender-paid mortgage insurance.
Special Down Payment Assistance (DPA): Don’t Have a Big Down Payment? Purchase Your Home With 1% Down. You put 1% down and your lender pays an additional 2% for a total of 3% down. Call or Text Chris Schmidt at 713-322-5604 To Learn More…
Call or Text Chris Schmidt Today to Get Your Mortgage Loan Process Started!
Chris Schmidt is the owner of Your Home Sold Guaranteed Realty - Chris Schmidt Team. Chris has 20+ years of experience in real estate and is deeply familiar with the Houston housing market. He’s a member of the Houston Association of Realtors and has earned the Graduate, Realtor Institute designation from the National Association of Realtors.
He began his real estate career in 2004, when he joined Coldwell Banker United as a broker associate. He worked as a broker associate for over 10 years before deciding to begin his own real estate and mortgage brokerage and mortgage lending team.
If you work with Chris Schmidt and the team at Your Home Sold Guaranteed Realty - Chris Schmidt Team, you’ll have nothing to worry about on your home purchase or sale of your home. We’ve received numerous 5-star reviews from past clients who loved working with us. Clients value working with our team because we always take the time to understand their real estate goals and learn about what’s most important to them.
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
Why Use Chris Schmidt?
Faster
- Get pre-approved in minutes.
- Closings on average in 20 days or less.
Cheaper
- 1% and 3% down options.
- Borrower Assistance Programs
- Savings that average over $9,400 versus large banks and retail lenders
Easier
- User-friendly technology allows you to track the status of your loan throughout the process
Your Home Loan: Boost Down Payment Assistance Program
With access to 220+ lenders that have hundreds of loan products, these lenders compete for your business. This includes down payment assistance programs. Chris Schmidt it your best mortgage broker to access these 220+ lenders and guide you through the mortgage loan process.
The Boost DPA program (Down Payment Assistance) is a comprehensive initiative that provides financial assistance to eligible homebuyers, helping them secure the necessary funds for a down payment and closing costs.
Here are some highlights that make our DPA program stand out:
Refinancing Flexibility:
One of the standout features of the Boost DPA program is its refinancing flexibility. Houston area homebuyers can refinance their mortgage just six months after the initial purchase, allowing them to take advantage of improved financial conditions or lower interest rates much sooner than with many other programs.
Buydown Options:
The program supports interest rate buydowns, including 1/0 and 2/1 buydowns. This feature means that homebuyers can enjoy lower initial monthly payments, making homeownership more accessible from the start.
Repayable and Forgivable Options:
The Boost DPA program offers two distinct options for down payment assistance:
- Repayable Option: This option provides down payment assistance that can be repaid over 15 years, offering a structured repayment plan without immediate financial burden.
- Forgivable Option: With this option, the down payment assistance converts into a grant that does not need to be repaid if the borrower stays in the home and continues to meet certain conditions over a specified period.
Seller and Builder Concessions:
The program allows for seller or builder concessions, which can be used to cover closing costs or buydowns, further reducing the initial amount that a buyer needs to bring to closing.
Wide Property Eligibility:
Eligible properties under the Boost DPA program include 1-4 unit homes, condos, townhomes, and even double-wide manufactured homes. This inclusivity ensures a broad range of housing options for applicants.
No First-Time Homebuyer Requirement:
Unlike some other down payment assistance programs, the Boost DPA is available to both first-time and repeat buyers, making it an excellent option for anyone looking to purchase a home in the Houston area, regardless of their previous homeownership status.
Comprehensive Underwriting Flexibility:
While adhering to FHA and USDA guidelines, the Boost DPA offers added flexibility in underwriting, making it easier for borrowers with unique financial backgrounds to qualify.
Low Minimum Credit Score Requirement:
With a minimum credit score requirement as low as 580 for FHA loans, the Boost DPA program is accessible to a wider audience, especially those working on building their credit.
No Income Restrictions:
There are no strict income restrictions, allowing individuals and families with varying income levels to potentially qualify for the program, provided they meet other financial criteria.
By leveraging the Boost DPA program, Houston area residents can overcome one of the most significant barriers to homeownership – the down payment. With its flexible options, comprehensive eligibility criteria, and financial assistance, this program empowers more individuals and families to make their homeownership dreams a reality.
How Much House Can You Afford?
Before you start your home search in the Houston area, it’s essential to get pre-approved for a mortgage. This process involves providing your lender with detailed financial information, including your income, assets, and credit history. Once pre-approved, you’ll receive a pre-approval letter stating the maximum loan amount you qualify for. This gives you a clear understanding of your home buying budget in the Houston housing market.
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
