Skip to main content

Top 4 Posts Regarding Down Payment Requirements

Top 4 Posts Regarding 
Down Payment Requirements    

      It happened again ...  

     "It" meaning a call from a hopeful home buyer thinking they needed a full 20% down payment to buy a home. 

     First, let me correct this home buying misconception ...

     You DO NOT have to have a 20% down payment to buy a home!  

     Multiple options exist that can help you become a home owner with a "minimal" down payment ... or with NO down payment, in certain cases.  

     I view this as a very important message and topic.  As a result, I've written on the topic of down payments more than a few times: 

     The posts above provide info regarding down payments, but they also offer info on good options for home buyers that don't have the mythical 20% down payment figure.  


     The following information is FACT:  

     Home buying can currently be accomplished with the following down payment options:

  • NO Down Payment Loans  
      *  USDA Loans 
      *  VA Loans 
      *  Specific regional down payment assistance programs also exist
  • 3% Down Payment financing options exist 
      Conventional Loans - Fannie Mae's 3% Program offers Interest Rates and Mortgage Insurance premiums that are competitive to FHA's 
  • 3.5% Down Payment Option
      *  FHA Loans (Federal Housing Administration

     Bottomline:  Should you be dreaming of buying a home, contact me to get the facts as they pertain to YOUR personal financial scenario.  

     Don't rely on info received via "the grapevine".  Don't rely on the media or dated internet info.  Don't let friends, family, and others influence you, talk you into non-action, or squash your dreams.  

     Contact me.  It's the only way to know for sure what is possible for you and what is not ... 

*  Hoping to Buy or Refinance a home in Chicagoland, IL, WI?  Contact me now!

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI Licensed

American Portfolio Mortgage Corp.
NMLS #175656

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  1.815.524.2281

  Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage LenderGene's Chicagoland Blog/Gene Mundt, Mortgage Lender 
Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, 
USDA, and Portfolio Loans in Chicago 
and the greater Chicagoland region, including:  
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI

Your Referrals are Greatly Appreciated!






Popular posts from this blog

Love Your New Construction .. But Educate Yourself About Future Tax Bills

Love Your New Construction ... But Educate Yourself About Future Tax Bills

*I want to preface this article by saying it's geography specific to the Chicagoland Area and its collar counties ...

So you've opted for building or buying a newly constructed home ... 

You've decided you'll invest most, or all, of your savings to cover Down Payment and Closing Costs.After all, it's a new home, you hopefully won't need money for repairs or improvements for quite a while, right?  

Plus:  The property taxes for your newly constructed home will initially be lower, as they'll be based upon the vacant lot on which your new home is built.  (The new home wasn't completed yet for the previous tax year's bill.) 

But how does this affectyour future tax bill and the tax portion of your monthly mortgage escrow payment?

When obtaining financing:  During your first year of a new construction occupancy, the real estate tax portion of your escrow account is based upon the last av…

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...

“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.