This is a question I get all the time so thought it a good idea to explain. The term “First Time HomeBuyer” actually does not exist anymore in purchasing a property. It used to be a few years back that in order to go as low as 5% down payment on a home you could not have owned a property for the past 5 years and the property you are buying had to be your principal residence. That is no longer the case.
The new rules are only that you must be going to live in the property as your home. You can own as many other properties as you like however as long as you are going to live in the property you are getting the mortgage on you can go as low as 5% down payment. There may be some exceptions to that due to the type of property you are buying so the best advice a can give is check with us at Advance Mortgage ahead of time and we can advise. It is always best to work with an experienced and qualified Mortgage Broker, Brenda and Jessica are for sure that and then some.
Questions it would be a good idea to ask yourself when looking to buy are:
Which Mortgage Broker to Use – answer is Advance Mortgage
When do I need a Mortgage Broker – answer is “Always”
Who is the Best Mortgage Brokers – Advance Mortgage is as we have over 30 years experience 403-347-0774
Why Do I use a Mortgage Broker – best rates, no cost to you, shop the banks and trust companies for you, experts in our industry, and so very much more!!!Read More