Tag Archives: down payment

James Asks… My wife and I are thinking about buying a vacation home in the mountains, how much of a down payment would I need?

The amount of money required for a down payment on a second home or a “vacation home,” all depends on whether you plan on using the home as a true vacation property or if you plan on offering it as … Continue reading

Dan Asks… I’m a recent college graduate and am thinking about whether I should rent a property or buy my first home… By renting am I just throwing money away?

Let me start off by saying that renting in no way should be viewed as just throwing money away. Every person looking to either rent or buy a home is faced with different circumstances, each of which should play a … Continue reading

Paul Asks… I’m a veteran and want to buy a house ~ is it a good idea for me to use my VA eligibility?

Yes!  If you are a veteran and have VA eligibility then I would highly advise you to learn as much as you can about the VA home loan programs. ALMC Mortgage can help you determine if this is a good … Continue reading

Andrew Asks… I want to buy a home but am having trouble saving money for a down payment. Any advice?

Andrew, You are not alone when it comes to finding out that saving money for a down payment is quite challenging. In a recent survey conducted by Trulia, 70% of people said that owning a home is ultimately part of … Continue reading

Anthony Asks… I had to file a Chapter 7 bankruptcy 2 years ago due to a loss of a job and the inability to pay my mortgage. I got a discharge of my debts in the bankruptcy and the lender foreclosed on my home. What do I need to do to rehabilitate my credit and when can I expect to be able to apply for a new loan?”

Anthony this is a common situation right now. Im sorry you had to go through the experience. The FHA and VA guidelines state that you have to be discharged from a Chapter 7 bankruptcy for 2 years in order to … Continue reading

Crystal Asks… I want to buy a home but dont have any downpayment. Is that possible?

  Yes Crystal – it IS possible.  You may be able to purchase a home with NO money down. You can finance the entire purchase price. However, The only true 0% down payment loan is a VA loan. The VA does … Continue reading

Back to the Traditional Down Payment

In today’s mortgage market, it is no longer necessary to have a 20% down payment in order to qualify to purchase a home.  However, you pay for the privilege of being able to buy a home with no savings by … Continue reading