/24-7PressRelease/ - ALTA LOMA, CA, May 27, 2007 - "We encounter so many apartment dwellers many that are frustrated with paying rent. Every month, year after year, they feel they are "putting money in somebody else's pocket." Sound familiar?" states Jay Yerman First Time Home Buyer Specialist with T.N.T. Lending Inc.
T.N.T. Lending Inc, based in Rancho Cucamonga California announces the launch of a specialized department that is dedicated to helping first time home buyers and low income families to purchase California real estate with programs that include downpayment assistance of home down payment grants.
"Many renters can afford a monthly mortgage payment, and therefore own a home; they just do not realize it. Without a down payment they feel that homeownership is not within reach."
"There are numerous lenders that offer 100% loans to First Time Home Buyers who do not have enough money for a down payment. Through research we even found a 100% loan which only requires a "stated income". "
A stated income is different from a "verified" income where the lender will require current pay stubs to verify your income. With a stated income loan, the lender will accept what the borrower "states" as his or her income. The stated income must be within reason for the job.
First Time Home Buyer, 100%, stated income loan that do not require any reserves are also available. A reserve usually refers to monthly payments. If a lender requires 2 months reserves, they are looking for 2 months P.I.T.I. (principal, interest, taxes & insurance) in a liquid account.
"With these programs available homeownership becomes a reality and the money starts going back into renters' pocket instead of the landlord."
"The first step is to determine how much home that can be afforded based on credit FICO credit score. A FICO score is very important for First Time Home Buyers, the higher the score the more programs available."
"There are excellent loan programs available with FICO scores as low as 620, but with the lower FICO score, you would lose some perks like no reserves or some stated programs, etc."
" With a little research apartment renters in Southern California may be pleasantly surprised that they can qualify for a home loan," concludes Yerman.
For more information on home loans for California First Time Home Buyers, please call Jay Yerman, T.N.T. Lending Inc at 866-398-4664 or go to http://www.goldmedalmortgage.com/FirstTimeHomeBuyerLoans
About T.N.T. Lending Inc
T.N.T. Lending Inc, based in Rancho Cucamonga California announces the launch of a specialized department that is dedicated to helping first time home buyers and low income families to purchase California real estate with programs that include downpayment assistance of home down payment grants.
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