Qualifying for a loan is based on various factors, such as your credit score, income, employment history, and debt-to-income ratio. We assess these aspects to determine your eligibility and identify the most suitable loan options tailored to your needs.

Answer: No, a 20% down payment is not required to buy a home. There are loan programs that offer lower down payments, with options as low as 3% for qualified buyers. If you put down less than 20%, you may need to pay for Private Mortgage Insurance (PMI), which is a helpful tool that makes homeownership more accessible. Don’t worry—PMI is nothing to fear, and we can help you explore the best options for your financial situation.

PMI, or Private Mortgage Insurance, is required by lenders when a borrower puts down less than 20% on a home. It protects the lender in case of default. Contrary to common belief, PMI is actually a valuable tool for homebuyers. With good credit, it can be relatively affordable, enabling buyers to purchase a home even if they can’t make a 20% down payment.

Boosting your credit score, paying down existing debts, and maintaining a stable income are key ways to improve your chances of getting approved. We offer personalized guidance tailored to your financial situation. The best step you can take is to get pre-approved early, allowing us to evaluate your circumstances and create a customized plan to set you up for success.

A mortgage can help grow your wealth in several ways:

Home Equity: As you pay down your mortgage, you build equity, which can be a valuable asset for future financial opportunities like home improvements, investment properties, or other large purchases.

Appreciation: Real estate generally appreciates over time, meaning your home's value can increase, boosting your overall wealth.

Leverage: A mortgage allows you to buy a high-value asset with a relatively small down payment, using borrowed money to generate returns on the full property value.

Tax Benefits: Mortgage interest and property taxes may be tax-deductible, reducing your tax liability and freeing up more income for investing or saving. By using a mortgage wisely, you can turn homeownership into a key wealth-building strategy.

While Dave Ramsey emphasizes that all debt is bad, it’s important to understand that not all debt is created equal. Strategic debt, like a mortgage, can be a powerful tool to build wealth through homeownership and real estate investment. A mortgage allows you to leverage a long-term asset that often appreciates over time, which can significantly grow your net worth. The key is to use debt responsibly and ensure it aligns with your financial goals.

A reverse mortgage is a loan for homeowners aged 62 or older that allows them to convert part of their home equity into cash, without needing to make monthly mortgage payments. The loan is repaid when the homeowner sells the home, moves out, or passes away.