Dave Porter

I Can’t Buy a Home, I Don’t….

I can’t buy a home, I don’t have 20% down.

There are programs with 3% down, 5% down, some with 3.5% down, even ZERO down for VA and USDA. The only advantage of putting 20% down is you avoid the mortgage insurance cost, but this should not stop you from exploring home ownership.

I can’t buy a home, my credit score is only 600.

The better the credit score, the more loan programs become available. However, there are FHA loans available with scores as low as 580, VA loans with a score as low as 520 and USDA loans needing a 620 score. Conventional loans vary but plan on a 640 score.

I can’t buy a home, I filed for Chapter 7 bankruptcy three years ago.

For conventional loans you need to wait seven years but FHA, VA and USDA all are fine with a bankruptcy if two years have passed since discharge.

I can’t buy a home, I don’t have the closing costs.

The Oregon Bond program has a program that can help finance closing costs, and there are other down payment and closing costs programs that may work. Sometimes negotiating with the seller can solve the problem by asking the seller to cover the closing costs.

I can’t buy a home, I’m a senior and they won’t lend to me.

Lenders can’t use age as a factor when considering loan eligibility. I have given a 30-year loan to an 85-year-old person.

Dear reader, maybe you don’t need this information today but perhaps you know someone who does. Please consider sharing with someone who may benefit from this information. 

I have a saying, “Don’t underestimate what you don’t know.” Don’t assume you can’t buy a home.

Let’s look at your specific situation. There is never a cost or obligation for me to provide a review.

Give me a call and let’s set a time for a cup of coffee.

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