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Host: Will I need money for a down payment?
Jeff Thomas: Down payment is what the lender wants to ensure that your are going to make your payment and again, they want a reliable stream of income your every month according to the terms of your mortgage note. So the question that you need to ask yourself is A, do I have money to put down on my house? B, do I want to put that money down? If I don't need to, can I keep that money in the bank so if I have a problem that I can actually draw against that money to get myself out of the problem, but capacity income is simply the down payment that Fannie Mae and Freddie Mac typically want to give them a warm and fuzzy feeling that you are going to make the terms of your mortgage note and pay the house because they do not want to have your house. They just want you to pay the mortgage back. 1
Expert: Jeff Thomas
Mortgage Advisor
Jeff Thomas is a Mortgage Advisor and Financial Educator with Family Lender, Inc. located in Fairfax, Virginia. Jeff has seen the mortgage business change significantly in the 15 years he has been in the business. Changes such zero down loans, to relaxed underwriting guidelines to borrowing more than the house is actually worth on a purchase or refinance transaction. With the changes in the mortgage industry, More »
About This Video
In this video, mortgage advisor, Jeff Thomas describes how to purchase your first home and the process you must go through to obtain a mortgage. This video is designed for first time homebuyers and also provides More »
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Tags: Mortgage, House, Purchasing, Buying, Credit, Payment
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jeffthomas Flag
Very valuable
Great information!