Northbrook, March 06, 2023 (GLOBE NEWSWIRE) -- Northbrook, Illinois -
David Hochberg at Homeside Financial is helping residents in Northbrook and nearby areas find ways to afford a new home or leverage the equity they already have in their property.
Aspiring homeowners often get discouraged to pursue their dream of homeownership due to the long-standing assumption that they need 20% of the home’s value as a down payment. However, while the 20% estimate undoubtedly applies to some premium properties, the average downpayment that first-time buyers pay is much lower, around 6% according to the National Association of Realtors.
“There are many ways in which you can make owning a home easier for yourself,” David Hochberg says, “If you qualify for certain government assistance programs, homeownership ceases to be a pipe dream and becomes a reality. That day you have been waiting for, when you finally move into a home that you can call your own, might not be as far away as you think.”
For starters, the Federal Housing Administration helps out individuals and families who have poor credit and are struggling to raise the money for a down payment. With an FHA mortgage, those with credit scores between 500 and 579 can qualify for up to 90% of the home’s value and those with a credit score higher than 580 can qualify for 96.5%. Banks will still consider the applicant’s credit score, their debt history, whether they have steady employment, current income, and other factors. However, since the mortgage is backed by the government, it opens up a lot more opportunities for those who would not have qualified for a conventional mortgage.
Some American households can qualify for VA mortgages if the applicant is a veteran or active service personnel, or is a surviving spouse of such an individual. VA mortgages offer a host of benefits such as no down payments, no requirement of signing up for mortgage insurance, and no penalties if the applicant decides to pay off the mortgage early. Those who qualify are also assisted by the VA to avoid defaulting on their mortgage.
David Hochberg talks about the many options available to those looking for a first home or refinancing their existing property by saying, “Applying for a VA or FHA mortgage is a great way to fight the odds and succeed in the real estate market. Regardless of whether you are a first-time home buyer, need funds to sustain yourself post-retirement, need the money to pay off other debts, or want to undertake significant home improvement tasks, these government programs may be just what you need to get started. Call up Team Hochberg today so that I can look over your case and guide you to the program that you can qualify for. You can also check out this news article to find out more about my VA mortgage services.”