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No money down mortgages

Daily Staff Writer

By Bob KieberIf you are paying your landlords mortgage you should strongly consider buying your own home. With the great number of mortgage investors out in the marketplace offering zero down loans the time might be right for you to settle down and own you’re a home.First a little history for those of you who are not as old as me and do not know the history of low down payment loans. Many years ago, that is more than ten years ago, most all mortgage lenders wanted buyers to make a minimum of a ten percent down payment. I know that the first house I purchased thirty years ago required ten percent minimum. Way back then my ten percent was a little over three Thousand dollars and I did buy a very nice house in the Midwest on a parkway. Back then the only other loans available were VA loans for Veterans, which was and still is a one hundred percent loan and FHA loans, which requires a three percent down payment.In the past thirty years times have changed and most all mortgage lenders now offer mortgages to one hundred percent of the purchase price. In fact I have had buyers who had out of pocket costs of less than $100.00 when buying a home in the $200,000.00 range.This is a remarkable change for home buyers and if you plan to stay in whatever area you live one should strongly consider taking advantage of these mortgage programs.If you rent you can rest assured that the rent is going up and you get a receipt showing the rent has been paid and another month to put your stuff. If you own your own home you can see Federal tax benefits at tax time and you can hopefully see appreciation in value. The first step to financing that home with a one hundred percent loan is to meet with your mortgage professional. Fill out a simple three page mortgage application and have the broker run the information on one of the automated underwriting programs available on line. I run these all the time as it does a couple of things. First it will approve or deny the application. If the application is approved the program will identify the parameters of the mortgage programs available to the borrower. If the program denies the application it will identify why the denial was issued. From that you can make the determination if the reasons are correctable and a timeframe to do so can be devised.The great thing about the no down payment programs is that the process is quick, simple and fairly painless. These programs approve mortgages for home buyers that just a few short years ago would have never been possible. The other little known fact is that you can buy a primary home with these programs but you can also buy second homes and investment homes too.So if you have little to no savings but you want part of the American dream to own your own home call me, or your friendly neighborhood mortgage lenders and learn how you too can own your own home. For answers to your mortgage related questions call Bob Kieber are (970) 262-1199 or e-mail him at rkieber@comcast.net. Bob is a local mortgage lender and principal of Resort Lending. He has 30-plus years of professional experience in real estate, finance and investments, and is a longtime resident of the High Country.


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