Mortgage rates are constantly changing, but the myths surrounding them seem to stay consistent year after year. Here’s the truth behind some classic mortgage myths. 
 
Today I’m happy to be joined by Stacy Crossingham, a mortgage advisor with Finance of America Mortgage, who is going to talk a little bit with us about the loan process and dispel some common myths about the topic.

Stacy has been in the mortgage industry for nearly 30 years and has a wealth of experience working with all different kinds of buyers. She’s seen it all, from government-backed loans to VA loans, jumbo loans, and everything in between. She’s seen it all and can help you with it all. She has always done a very thorough and fantastic job for our clients who have worked with her.

If you’re a first-time homebuyer, the best way to start looking for a home is with a pre-qualification. You want to know exactly what your price range is and what you qualify for before you go out looking for homes. We’ll get all of your documentation in order, run a credit report, and decide how much you qualify for based on your financial picture. At that point, you will be provided with a pre-qualification letter so that things are simple for all the professionals involved. It makes the home searching process much easier.
 

"A pre-qualification letter makes the home buying process much easier." 


One common myth about mortgages is that you need a huge down payment in order to buy. That’s simply not true. In fact, if you’re in the military or a veteran of the military, you can qualify for a VA loan with $0 down. Even if you’re not in the military, there are down payment assistance programs out there that can get you into a home with just $500 in cash. You don’t need a high credit score, either.

Another common myth is that you can only qualify to buy a home with a traditional W-2 tax form. However, if you’re a small business owner who uses a 1099 form, there are plenty of programs out there to help you as well. They don’t require much besides an application and some sort of income verification.

As you can see, there’s something out there for anybody and everybody who is interested in buying a home.
If you have any questions for Stacy, don’t hesitate to reach out and give her a call at (505) 577-4304.

If you have any other real estate-related questions for me, don’t hesitate to reach out via phone or email. I’d be happy to help you out.