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What can I expect

Because of my income, I may not qualify for first time buyer loan and will need to use a commercial loan. What can I expect? by jusdisgi815 from White River Junction, Vermont. Dec 24th 2020 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

Is your income too high or too low? Too low and you likely won't be approved for either. If by too high, you mean you make too much to qualify for a down payment assistance or low-down payment loan program, that does not mean you don't qualify to be a first-time home buyer. A Commercial loan would typically be used to purchase a property you are NOT planning to live in and in most cases would require a minimum of 20% down. If you are planning to live in it and have at least 3.5% for a down payment, FHA could be your source. With 5% down, conventional loans are available. You should be working with a licensed Mortgage Broker. Reach out and let me see if we can help. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000.

Dec 28th 2020
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

Commercial loan? Only if you are buying a commercial property, and then there is no such thing a first time home buyer programs in the commercial world anyway. If you are buying a regular home to live in, while you may have too much income for a first time home buyers program, standard financing starts with as little as just 3% down payment. I lend in MN, WI, IA, SD, ND. Visit my web site at - Cambria Mortgage, NMLS 274132

Dec 31st 2020
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