This section dispels common myths about affording a home and getting a mortgage. Four myths are addressed:

1. Myth: You need to put 20% down to purchase a home.
Fact: This is not true. FHA loans require a minimum 3.5% down payment, and Conventional loans offer 3-5% down payment options.

2. Myth: Down payments and closing costs must be entirely your own money.
Fact: You can receive gifts from family, your employer, or close friends to fund down payments, and sellers can assist with closing costs.

3. Myth: Renting is cheaper than buying.
Fact: The cost-effectiveness of buying versus renting depends on factors like how long you plan to stay in the home and market conditions. In the long run, buying can build equity.

4. Myth: Lenders require all repairs to be completed before closing on fixer-uppers.
Fact: FHA offers 203k rehabilitation loan programs that allow financing for home purchase and repair costs in one loan. Major and minor repairs can be included in these programs.

The decision to rent or buy is personal and depends on individual circumstances. It’s important to consider the long-term financial implications.

This section dispels common myths about qualifying for a home loan and provides information on various aspects of the loan qualification process. The five myths covered are:

1. Myth: It is hard to qualify for a low down payment mortgage.
Truth: FHA loans, designed to make homeownership more accessible, offer low down payment options, and are not difficult to qualify for.

2. Myth: Without perfect credit, I cannot buy a home.
Truth: FHA insured loans have flexible credit score requirements, and you do not need perfect credit to qualify. US Trust Home Loans offers assistance in evaluating your credit and provides loans without additional requirements.

3. Myth: I need to have been on my job for at least 2 years.
Truth: While stability in employment is important, you do not need to be on the same job for two years. What matters is demonstrating consistent income and ability to make mortgage payments.

4. Myth: Low down payment mortgages are only for borrowers with low income, no money, or poor credit.
Truth: FHA insured loans are available to a wide range of borrowers, and eligibility is not solely based on income or credit. Loan limits are determined by regional factors.

5. Myth: Having student loan debt disqualifies me from buying a home.
Truth: Student loans are considered as part of your financial profile when applying for a mortgage. They may not disqualify you, and US Trust Home Loans can help assess your specific situation.

Overall, this section emphasizes that qualifying for a home loan is more accessible and flexible than many people believe, and US Trust Home Loans is there to assist potential homebuyers throughout the process.

This section provides guidance on finding the right home and dispels common myths associated with the home-buying process. The three key topics covered are:

1. What to consider before purchasing your first home: It highlights the importance of assessing family size, location preferences, commuting, and school districts. Prioritizing features and knowing your budget, with the assistance of US Trust Home Loans, are emphasized.

2. Types of homes eligible for mortgage financing: It explains the various property types, including single-family homes, townhouses, condos, duplexes, triplexes, and fourplexes, some manufactured housing, and the availability of 100% financing through VA loans. The legal distinction between properties and financing options is discussed.

3. Mortgage loan programs and options: It introduces different mortgage programs, including government-insured mortgages (FHA and VA), Conventional loans (Fannie-Mae and Freddie-Mac), HomeReady and HomePossible programs, Non-Conventional loans, and closing cost assistance. Special attention is given to FHA 203k programs for renovating fixer-uppers and HUD homes available through the US Government with a $100 down payment option.

This section aims to simplify the home-buying process and help potential buyers make informed decisions. It encourages working with US Trust Home Loans to navigate the complexities of home purchase.

This section addresses common myths related to buying your first home, particularly when using an FHA insured mortgage. It covers six myths:

1. The belief that you should use the maximum loan amount you’ve been qualified for to purchase a home. It highlights the importance of considering your financial situation and lifestyle to avoid financial strain.

2. The myth that if you already know what you can afford, you don’t need to get pre-qualified by a lender. It emphasizes the importance of pre-qualification, as it helps determine your actual loan eligibility and enhances the chances of your offer being accepted.

3. The idea that paying off existing debt before being approved for a home loan is a must. It clarifies that paying off debt may not always be necessary and could be counterproductive, depending on your specific situation.

4. The myth of waiting for rates to drop to get a better interest rate when buying a home. It suggests that waiting for rates to drop may not always be a sound strategy, as mortgage rates are influenced by the fluctuating global economy.

5. The assumption that a home inspection is mandatory when purchasing a home. It clarifies that a home inspection is optional but can provide valuable information about the property’s condition, helping you avoid unexpected repair costs.

6. The belief that newly built homes are entirely maintenance-free. It explains that no home is entirely maintenance-free and discusses the differences between new and resale homes, highlighting the importance of home inspections and home warranties.

The section provides valuable insights for first-time homebuyers looking to make informed decisions about the home-buying process, with a focus on using an FHA insured mortgage through US Trust Home Loans.