Sponsored by Synergy One Lending

If you are thinking about buying a home but feel stuck by rising interest rates or overwhelming headlines, you’re not alone. Synergy One Lending is ready to help.

While today’s market is different from a few years ago, it’s still highly beneficial to become a homeowner. The key is working with lenders who can think outside the box and help build smart strategies with existing tools:

• Temporary rate buy downs: Rates start lower and gradually increase but remain a Fixed Rate Mortgage. This strategy differs from Adjustable Rate Mortgages (ARM) where payments could fluctuate based on market conditions.
• Seller-paid closing cost credits: Reducing out-of-pocket costs or lowering your interest rate, this benefit usually goes away when more buyers enter the market.
• Low down payment programs: Including government-backed FHA and VA loans.
• Alternative income documentation: Loans for self-employed individuals, such as 12-month bank statements in lieu of tax returns.

First-Time Buyers: You don’t need to do this alone
If you’re trying to buy your first home, you’re likely facing tight inventory, fast offers and higher prices than you hoped. The first step should be finding a lender that can review your financial situation and goals to make a plan that works best for you. There is good news and benefits to today’s market:

• Sellers are still offering assistance for closing costs, lessening out-of-pocket expenses that can free up extra cash to buy down your interest rate.
• There are several 100% financing options such as Rural Development and VA loans for veterans. This coupled with sellers paying closing costs could result in purchasing a home with little to no money out of your pocket.
• Many states offer down payment assistance – grants or silent second loans to help you get in the door.
• Some programs, like Fannie Mae’s HomeReady, allow lower mortgage insurance and better terms for qualified borrowers.
• Even better: you don’t need perfect credit or a massive savings account to qualify. You just need a lender who can match you to the right product and walk you through the steps.

Shifting borrower profiles as affordability pressures grow
Lenders today are adjusting. It’s not only about who makes the most money or who has the best plan. More programs exist today for clients who were not considered “strong buyers” in the past. More flexible credit score ranges and down payment programs allow for more clients to qualify now than ever before.

Everyone’s situation is different, and a lending partner who knows how to structure your loan and listens to your needs is the most important part of the process.

Creative financing solutions can close the gap between affordability and aspiration
Buying a home is still one of the most powerful ways to build wealth and stability. The journey may look different today, but it’s absolutely still worth taking. You don’t have to wait for the “perfect” rate or the “perfect” time. You just need the right plan, and the right team beside you.

Synergy One Lending’s tips for homebuyers:

• Focus on the monthly payment, not the rate. A payment within your budget is what matters.
• Review the different programs available. Ask your lender about down payment assistance, grants or local buyer programs and the best use of seller paid closing cost.
• Work with people who listen. If your lender doesn’t take the time to understand your goals and needs, find one who will.
• Don’t give up. The market moves fast, but so do solutions. Your future home might be closer than you think.

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Resources:

Fannie Mae HomeReady
Freddie Mac Home Possible
FHA Loans
VA Loans 
Down Payment Resource

Learn More About Synergy One Lending

Synergy One Lending, Inc., NMLS 1907235 | www.nmlsconsumeraccess.org| 610 W. Ash Street, Suite 1505, San Diego, CA 92101 | (888) 995-1256 | AL, AR, FL, GA Residential Mortgage License #70829, LA, MS, NC, SC, TN, TX. All Loans are subject to underwriting approval. Terms and Conditions apply. Subject to change without notice. Equal Housing Opportunity.

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