Buying a home is a big deal. Where do you start?
How Much Can You Afford?
Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor. Visit our blog post How Much House Can You Afford? This post will help you understand how Inlanta Mortgage computes the amount you are pre-approved to purchase. Click here to learn more about the importance of getting pre-approved.
What Type of Loan Programs are Available?
There are a number of loan programs available – including no or low down payment options. An Inlanta Mortgage professional can help you decide which of the following programs is the best home financing option for you.
Conventional Mortgage Loans – Traditional program that usually requires 5% down and offers competitive interest rates.
Jumbo Mortgage Loans – A jumbo mortgage is a loan amount above conventional conforming loan limits. Consult an Inlanta Mortgage Loan Specialist to discuss if a jumbo mortgage is suited for you.
FHA Mortgages – FHA mortgages enable the borrower to put as low as 3.5% down and are available to borrowers with less than perfect credit.
USDA Mortgages – USDA mortgage loans are designed to help lower income individuals or households purchase homes in rural areas.
VA Mortgages – VA mortgage loans are federally guaranteed mortgage loans for veterans that don’t require a down payment.
Avoid First Time Home Buyer Mistakes
Review our blog posts on common first time home buyer mistakes:
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.