How To Own a Home in 90 Days or Less without A+ Credit and a Huge Downpayment

Think buying a home requires perfect credit, a 20% down payment, and a huge bank account? Think again.

For many first-time homebuyers, becoming a homeowner may be closer than you think.

Now there are loan programs designed for buyers who don't have perfect credit or a large amount of cash saved for a down payment.

However, starting the home buying journey can feel overwhelming and the internet provides so many different opinions it is hard to know which information is accurate. 

The first step is to speak with a local and experienced mortgage broker that will listen to your financial goals, home buying goals, and be able to guide you through the home buying journey.

Our Team in Arizona has always believed that the key to success for a first time homebuyer is education. The goal is to educate each home buyer about the options that will best fit their needs because an educated homebuyer will make wise financial decisions. 

Buying a home in 90 days is an ambitious goal, but with the right approach, it’s entirely achievable. Start by setting clear goals regarding the type of home you want, the location, and your budget. Determine how much you can afford by reviewing your finances and getting pre-approved for a mortgage. This will help you understand your price range and ensure you stay within your budget.

Developing a realistic budget is crucial. Include all potential expenses such as down payment, closing costs, and moving expenses. Having a clear financial picture will guide you throughout the home-buying process.

1. Find out what you can afford.
Before shopping for a home, talk with a  local, trusted and experienced mortgage broker. Check out Google Reviews to find out the experiences of other like-minded home buyers.  You will need to be prepared with your financial information and realistic budget to determine the payment range that is comfortable. From there the mortgage broker can determine the your buying power. 

2. Don't assume your credit isn't good enough.
You don't need perfect credit to qualify for many mortgage programs. There are different programs that offer a range of options for credit scores. Even if you've had some credit challenges in the past, there may be options available. Your local mortgage broker will be able to review your credit scores, make recommendations, and deisgn a custom loan plan.  

3. Explore low-down-payment programs.
Depending on your situation, you may qualify for financing requiring as little as 3% down. There are also some Down Payment Assistance programs that will finance your down payment too. Veterans with eligibility may qualify for a VA loan with no down payment. Don't forget,  Seller contributions may also help pay for closing costs and programs that are called Buy Downs. This is where your interest rate is lower for a certain period of time and the payment is partially subsidized through a seller contribution .

4. Creating  a 90-day game plan & Strategy .
As part of the 90 day your mortgage broker will be able to review credit, offer suggestions for improving credit (if needed), review all financial documents, and develop a custom loan plan to meet your goals. 

The goal isn't to wait until everything is perfect. It's to understand your options and create a plan. Without a plan your home buying journey will be more stressful and costly. 

Ready to see if homeownership could be possible for you? Let's talk. A conversation costs nothing, and it may be the first step toward getting your keys.