100% FINANCING FOR YOUR PURCHASE

This new program is NOT just for first time home buyers, but anyone that is purchasing a home.

If you currently own a home that home must close before you can close on your new 100% financing loan. By Working with Cherry Creek Mortgage Company we will get your new 100% loan approved. Then by working with us and our title company we can arrange to have the closing on the home you are selling followed by the closing on the home you are buying on the same day.

To qualify for this new program you or both applicants must have a minimum credit score of 620. There are income limitations.  Your combined income can not exceed 140% of the median income for your community, in most cases that amount is around $100,000.00. This program is not limited to any one community, but can be used anywhere in the State.

Minimum loan amount is $50,000.00 with a maximum loan amount of $417,000.00. Your total debt ratio (your house payment, all credit card payments and installment payments) can not exceed 45% of your gross income. Private mortgage insurance is required on each loan and you must have at least one month cash reserves in an account. That is one month of your total monthly house payment.

This is very important with this program the seller is still able to contribute up to 3% of the purchase price towards your closing costs and pre-pays, ask Debby Thompson or Call Rick at Cherry Creek 414-303-7944 

1.  Find the right representative

Even if you’re not quite ready to buy, your buyer’s agent can be an absolute wealth of information, and can often offer scoops on local developments you might not have know about otherwise.  Speak to your agent first and she can be helping to guide you right from the start.

2.  Find out what your price range is

Online mortgage calculators are a good place to start, but as you get closer to being ready to buy, there is no substitute for a written mortgage pre-approval.  Just speaking to your lender is an extremely worthwhile venture – this is the only way to really get an in-depth picture of your overall financial picture and to discover exactly what you can reasonably afford to spend on a home (and possibly on renovating).

3.  Find out what your local market looks like

The internet can be incredibly valuable in doing preparatory research.  Start with your agent – he or she can direct you to valuable resources and immediately start e-mailing you real estate listings that may interest you (or at least give you a better idea of what your needs and wants are).

4.  Find out what your true needs and wants are

Compose a needs/wants list that takes into consideration your local market conditions, your price range, and the advice of your real estate agent.

5.  Find your dream home!

Once you’re ready to act, you may be surprised by how quickly you can make a decision.  Armed with your pre-approval, a little market knowledge, and your needs/wants list, call your real estate agent, hit the pavement, and when you see the house, put in an offer. 

With the right team behind you, it really can be that easy!