If you dream of home ownership but don’t think that you make a high enough salary or bring in enough yearly income to qualify for a mortgage, read ahead! Home ownership may be closer than you think, regardless of your income.
Buying with 20% down payment?
The National Association of Realtors (NAR) recently reviewed mortgage data across the country and released new information about income and home ownership for the different regions across the country. According to NAR, a family in the Midwest, with a 20% down payment should be able to qualify for a mortgage loan to buy a median-priced home
Don’t have a down payment?
If you have a significant cash down payment, a mortgage may be even easier to qualify for than you previously assumed, but if you don’t have a large cash down payment don’t worry: according to the Consumer Financial Protection Bureau about 14% of the mortgage loan products available on the market today require absolutely no down payment! One of the most popular
If you are ready to jump from renting to owning but are not sure whether or not your income or credit score will qualify you to move into home ownership, contact a mortgage professional today to see what options are available to you and your family.