One of the most exciting adventures you will ever encounter is purchasing commercial real estate. If your a first time buyer or an experienced investor we will make the process quick and easy. Below is some helpful information to get you started.
Many factors are considered when applying for a low down payment home loan. These factors include a good credit background, sufficient appraisal value, and adequate income to pay the monthly mortgage payment. While these factors are important other considerations are also taken.
Your home loan professional will be able to discuss your qualifications with you on an individual basis. At this time other factors including your ability to pay the closing costs will be discussed. Closing costs are typically 2% to 3% of the price of the house. Your home loan officer will also discuss with you certain formulas that are used to determine your long term ability to pay for the home loan.
Loans and gifts from family, friends, and other organizations can help you put together a down payment sufficient for your home loan needs. The percentage of the loan or gift that is available for use as a down payment can vary depending on the type of home loan you qualify for. It is important to discuss any loans or gifts you plan to use as a down payment with your mortgage lender.
Many companies also offer programs to their employees to make the home buying experience easier. 401K plans are often used for this purpose and employees are permitted to withdraw from their 401K plans without penalty to provide a down payment on a home loan. Making use of your 401K program can be useful and beneficial but there can be drawbacks that must be examined.
Commercial and Investment Mortgages
Lincoln Mortgage, Inc.
4800 Baseline Road, Suite 296
Boulder, CO 80305
Toll-Free: 866.777.1023 -
Local: 303.552.0426 -
FAX: 303.469.2632 info@lincolncommercial.com
