Hi {first_name},

Let’s chat about down payments.
 

A quick tip…

Some states and geographical locations can assist with down payments. Usually they are based on your Income, Geographical location and Credit Score. Government grants and the like often depend on the time of the year money is available in the budget (they sometimes run out of money).

Would you like to know if you qualify for down payment assistance or a government grant? Get in touch: (INSERT ONLINE CALENDAR LINK HERE).

Not every loan needs a down payment either.
 

And for ones that do, the percentage of down payment varies from loan to loan.
 

Anywho.
 

All that’s left to discuss of the four Cs is Your New Home, right?
 

Credit [done]

Income and DTI (Debt to Income Ratio) [done]

Assets and Down Payment [done]

Your New Home

So, as it turns out…

Your dream property will not be everyone else’s dream home. :)

Down payments for different types of property will be different, as well.

So whether you are interested in a condo, a single family home, a beach house, or a townhouse, etc.

The resale value or ease of selling (among other factors) will vary greatly, meaning that the risk will change.

So even if you have been pre-approved for a specific loan, if you change the type of home you indicated when applying…

You might need to update your loan.

Reach out to me to avoid a surprise later.

Here’s one more tip...

To lock in your property you will need to give the seller a binder. If you find out that you won’t be able close (due to one of the 7 deadly mistakes), then the binder will be at the seller’s discretion. Meaning that they do NOT have to give it back…yikes. Keep our mortgage professionals in the loop to avoid that (INSERT ONLINE SCHEDULING LINK HERE).

One last thing…

I want to share another one of the 7 Fatal Mistakes That Can Kill Your Chances of Borrowing Money.  

Fatal Mistake #3 - Don’t Change Jobs

When starting a new job, there is a "probation period" for it to be considered a valid source of income.

Some commission based jobs can take 12 months before they qualify as a source of income.

Yeah… make sure to have clear communication with our mortgage professionals.

It can save you a lot of sleepless nights.

More of the Fatal 7 in the next email.

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