Is there a lot of paperwork involved to get in on a Home Program????

Unfortunately yes….we are often asked why there is so much paperwork to get approved for a home program when buying a home today. It seems that they need to know everything about you and require three separate sources to validate each and every entry on the application form.


Specials programs have always been around, they used to be a little bit easier to navigate. Today, there are two very good reasons that the buyer program process is much more tedious now than perhaps any time in history.

1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage and to qualify for any special programs.




However, there is some good news in the situation.

The housing crash that mandated that banks be extremely strict on paperwork requirements also allows you to get into a home with an interest rate as low as 3.43%, the latest reported rate from Freddie Mac.

The friends and family who bought homes ten or twenty years ago experienced a simpler program application process but also paid a higher interest rate (the average 30 year fixed rate was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of less than 4%, they would probably bend over backwards to make the process much easier.

Bottom Line


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