The time to buy a home or do your big remodel is right now. Yes, the housing market is still sizzling. Yes, interest rates are moving. Don’t fret. PrimeLending will walk with you step by step to navigate the challenges that are present in any market cycle. Branch Manager Becky Carver and Team Loan Originator Hayden Hoage are ready to meet you to discuss all your housing concerns and desires and then get you moving toward your goals.
“I love first-time home buyers, especially credit-challenged ones,” says Becky. The accumulated knowledge and experiences throughout her career work to your benefit. She will take the time needed to get to know you, find out where you want to be, and deal with your particular challenges, credit or otherwise. PrimeLending will provide information about home buying, credit, getting a loan and much more. “We work harder,” says Becky adding, “We match what a credit union or bank is offering in a rate.”
Down Payment Options for Home Buying
There are misconceptions about amounts of down payments,” says Becky. You’ve heard you must have 20% down. “That’s not true,” she notes. It can be true, but there are many down payment options. PrimeLending can talk to you about programs where no down payment is required if your income is less than $145,000 annually. Other programs require 3% down. The only way to know for sure is to get your financial information together and find a time to meet with PrimeLending. Down payment percentages can make a difference on mortgage insurance, which is the risk the lender takes when lending funds. The confidence of a lender grows with a greater investment of the buyer.
Many types of loans are available on the market. The government has VA (Veterans Affairs), USDA (United States Department of Agriculture), and FHA (Federal Housing Administration). loans. Each type has its own requirements regarding credit score, debt-to-income ratio and down payment, including zero or very low down payment amounts. So-called conventional loans come from banks, mortgage companies and other lenders.
A government-backed loan is said to be harder on the house rather than the people borrowing the money. That means the property must meet standards to be in good condition. Attention is paid to gutters, downspouts and roofs. The government wants to make sure its investment will hold up. Another notion is that young buyers, who have less down, may need more protection because they might be less versed in maintenance issues. Conversely, a conventional loan might require a buyer to have a higher credit score or a greater down payment. Of course, everyone wants the property to be in good shape, but a government loan may generate a list of repairs to be completed before closing.
Get Mortgage Help with PrimeLending
Hayden Hoage has been with PrimeLending for five years, though he’s been around the business for years and wanted to be a mortgage banker since he was 16. After high school in Washington, he moved to California and joined the operators’ union, working backhoes and excavators. A fascination for the housing market did not abate for Hayden. He left his lucrative career to come to work at PrimeLending. He started at the bottom rung but never looked back. His youth and energy are an asset for people wanting someone on their home buying or remodeling team. “Being in this business really works for me,” says Hayden. “I am here to tackle any hurdles that need to be overcome to get you in the house you are dreaming about or finance your much-needed remodel.”
“You’re not alone if financing seems confusing or totally overwhelming,” says Becky. PrimeLending invites you to come to a one-time visit to get started. If you want to rehab your current home or buy a new one, the meeting can be fruitful. You’ll learn about the process and start to clear up fears you may have about interest rates, the current market or credit history.
“If you get turned down for whatever reason, you should contact a mortgage banker,” suggests Becky, adding, “It’s embarrassing to get turned down for a loan.” A mortgage banker has more incentive to get you on a program and clean up credit. She likes the idea of people having a banker in the same way people have a dentist or doctor. It’s the person you call with any and all your questions. Becky and Hayden look forward to meeting you.
Getting prequalified with PrimeLending is free. It doesn’t affect your credit score and doesn’t require any additional documents other than your application.
4331 Lacey Boulevard SE #B, Lacey
470 N. Market Boulevard, Chehalis