HomeQuest Mortgage 480-464-2400

Come learn how to buy a house with no down payment.

"Down Payment Assistance" Webinar Thinking it's impossible to buy your first home? Think again! If you can cover the monthly payments, Down Payment Assistance Programs can be a great tool to help people who don't quite have the upfront costs to buy a home.

Want to buy a home but don't have the down payment saved? Learn how in our upcoming webinar!

"Down Payment Assistance" Webinar Thinking it's impossible to buy your first home? Think again! If you can cover the monthly payments, Down Payment Assistance Programs can be a great tool to help people who don't quite have the upfront costs to buy a home.

We made a new YouTube video!
The Friendliest DPA Program Available !

Ever wonder how many potential homeowners are held back by the upfront costs of buying a home?

Data shows 50% of homebuyers in 2024 are first time homebuyers.

Unfortunately 34% of Americans believe you need to put 20% to buy a home.

That is a myth! It's not true! And a DPA program might be the right fit for many.

Check out all our recordings here:
https://www.youtube.com/playlist?list=PLhbTc4xABAiFAcxQPhbV-bA1HPpFoyQ3J

Check out our supportive community here: https://www.facebook.com/groups/275695308707902

The Friendliest DPA Program Available Ever wonder how many potential homeowners are held back by the upfront costs of buying a home? Data shows 50% of homebuyers in 2024 are first time homebuyers...

We made a new YouTube video!
Weekly Mortgage Update: 3/13/2024 !

Where are mortgage rates at currently?
When is it projected that the Federal Reserve will begin cutting interest rates?
If rates are coming down, should buyers wait to buy a home?
Are there any

We answer these questions and more in this 5 minute update video!

Weekly Mortgage Update: 3/13/2024 Where are mortgage rates at currently?When is it projected that the Federal Reserve will begin cutting interest rates?If rates are coming down, should buyers...

We made a new YouTube video!
How to get up to $6,000 off your First Home with HomeReady SPCP !

How to get up to $6,000 off your First Home with HomeReady SPCP

We made a new YouTube video!
$4,000 Grant for Low-To-Medium Income First Time Homebuyers in Arizona !

Feeling stuck in today's market?

In a real estate world where inventory is low and mortgage rates are high, you hold the key to unlocking opportunities for first-time homebuyers.

Our must-attend webinar reveals how individuals earning under $80K can secure a $4,000 grant, turning the tide in their favor.

We'll also review other notable programs for first-time homebuyers you should be aware of.

This session is more than a learning opportunity; it's a chance to be the change-maker your clients need. Ready to make a difference? Join us.

$4,000 Grant for Low-To-Medium Income First Time Homebuyers in Arizona Feeling stuck in today's market?In a real estate world where inventory is low and mortgage rates are high, you hold the key to unlocking opportunities for fi...

We made a new YouTube video!
How to Save $4000 off your First Home! !

In this video we review the HomeReady $4,000 Grant for First Time Homebuyers.

We define what a first time homebuyer is, as well as the qualification for this grant.

If you want to know whether you qualify for this program or not, here's is a link to our application: https://homequest.my1003app.com/2001895/register

How to Save $4000 off your First Home! In this video we review the HomeReady $4,000 Grant for First Time Homebuyers.We define what a first time homebuyer is, as well as the qualification for this ...

Want to save $6,000 on your first home?

Then don't miss our webinar, Thursday at 10:30 AM!

This Thursday we'll be covering an AMAZING program to help first time homebuyers in the Valley!

If you are a first time homebuyer (which includes anyone who hasn't been on title of a home in the last 3 years) you don't want to miss this!

https://www.homequestloan.com/webinar_registration_mortgage_edu

🚀🌟 Turn Your Side-Hustle into Home Dreams

Hey there, future homeowner! Did you know your side-hustle isn't just about extra cash? It's like your secret tool for making big dreams come true.

1) Bye-Bye Debts: If you owe money, your side cash can help wipe those debts away. That's a big plus when you want a home loan. Less debt means more chances!

2) Save Smarter: Ever heard of down payments and closing costs? They're like tickets to your new home. Your side-hustle money can fill your savings faster. Cool, right?

3) Show Off Being Smart: Lenders like folks who handle money well. Using your side earnings to pay debts and save? That's like a gold star for being responsible.

4) Future Hero: Your side-hustle isn't just about now. It's about building a strong path for your future home. You're like a superhero crafting your destiny!

💬 Let's Chat: We're here to guide you. Your side-hustle is your secret weapon. Let's make it work its magic for your home dreams.

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🔍📊 Unlocking Loan Potential: The Power of Subtracting a Co-Borrower

Homebuying is a journey full of decisions, and sometimes, making the right adjustments can make all the difference. 🏡✨

💼 Co-Borrower Considerations: While having a co-borrower can be beneficial in some scenarios, there are instances where subtracting a co-borrower from your loan application might actually improve your chances of approval.

🔒 Minimizing Debt-to-Income Ratio: Lenders often assess the debt-to-income ratio (DTI) when evaluating loan applications. This ratio compares your monthly debt payments to your gross monthly income. Removing a co-borrower's income and debts might lower your DTI, making your financial profile more attractive to lenders.

📈 Improving Credit Profiles: Each borrower's credit history impacts the loan application. If your co-borrower has a lower credit score or a less favorable credit history, removing them could lead to a stronger credit profile for the primary borrower.

🌟 Showcasing Stability: Presenting a strong individual financial history can demonstrate your stability and ability to manage homeownership responsibilities on your own. This can instill confidence in lenders and positively influence their decision.

🤝 Collaborative Strategy: Deciding whether to include or exclude a co-borrower involves thoughtful consideration. It's essential to evaluate the potential impact on both applicants and determine the approach that aligns best with your goals.

📞 Personalized Guidance: Navigating the complexities of loan applications is where we come in! Our expertise allows us to provide tailored advice based on your unique situation. Whether you're moving forward as a solo applicant or with a co-borrower, we're here to guide you every step of the way.

Ready to make informed decisions about your homebuying journey?Call us at 480 464 2400 🏠📈💪

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🎶🤝 "Help! I Need Someone!" The Beatles hit the nail on the head, especially when it comes to navigating the world of homebuying.

🏡 Introducing Co-Signers: Sometimes, the path to homeownership might require a helping hand. That's where a co-signer steps in. A co-signer is someone willing to stand alongside the primary borrower, taking on the responsibility to repay the loan if needed.

🤲 Shared Responsibility: Typically, co-signers are family members who are ready to step up and share the financial responsibility. This means they're fully accountable for any missed payments and even the entire loan amount if the primary borrower is unable to fulfill the commitment.

💼 Beneficial Bonds: Co-signers can play a critical role in helping individuals with limited credit history, lower income, or other factors that might impact loan eligibility. Their involvement can strengthen the borrower's application and increase the chances of loan approval.

🔐 Important Commitment: It's important to recognize that being a co-signer is a significant commitment. Before agreeing to co-sign, all parties involved should fully understand the responsibilities and potential risks.

If you're considering the co-signing option, let's have a conversation to explore the best strategy for your unique situation. Remember, you're not alone on this journey. Reach out to us for guidance, support, and expert insights into making the right decisions for your homeownership dreams!

💼💰 When it comes to improving your financial situation to prepare for homeownership, it's not just about decreasing debt – it's also about increasing your income.

📈 Asking for a Raise: One strategy that might surprise you is asking for a raise. While it may feel intimidating, it's worth considering. Many employers value their employees' growth and aspirations. Sharing your situation and homeownership goals could lead to a constructive conversation about your career trajectory and potential for increased compensation.

🏢 Invested Employers: Employers who are invested in their employees' well-being and success will often be open to discussing ways to support their goals. Even if a raise isn't possible right away, asking for a clear path to earning one demonstrates your dedication and ambition.

🔦 Don't Stay in the Dark: Don't keep your aspirations hidden. Honest communication about your goals with your employer can lead to unexpected opportunities and paths for advancement.

📅 Perfect Timing: Remember, the best time to start these conversations is often sooner than you think. Just like in the mortgage process, having open dialogues early can provide you with valuable insights and a clearer path to achieving your goals.

Whether you're reducing debt, increasing income, or exploring other avenues for financial growth, we're here to support you every step of the way. Feel free to reach out whenever you're ready to discuss your mortgage questions and embark on your homeownership journey!

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🚗🔧 If you find yourself needing to buy a car, here's a piece of advice: consider going for a used one. And if you do, always ensure the vehicle's functionality by having a mechanic check it out before sealing the deal.

🔍 Why Used?: Buying used can be a savvy financial move. New cars can depreciate quickly, while used cars often retain their value better. This can save you money in the long run and provide more bang for your buck.

🛠️ Mechanic's Approval: Before committing to a used car purchase, it's wise to have a trusted mechanic inspect it thoroughly. This helps ensure that you're not inheriting any hidden issues that could lead to costly repairs down the road.

💼 Prioritize Savings: By opting for a used car and having it checked by a professional, you're making a responsible financial choice. This leaves you with more resources to focus on your long-term goals, such as homeownership.

🏡 Invest in Your Future: Choosing a used car over a brand new one can free up funds that you can redirect toward building your financial foundation, like saving for a down payment on your dream home.

Remember, every financial decision you make contributes to your overall well-being and goals. If you're considering a used car purchase or looking to dive into homeownership, we're here to help guide you on your journey!

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🏠🚗 Looking to make a big purchase? Let's talk about why buying a home first might be the smarter move compared to getting that shiny new car!

🚗 Car Depreciation: The moment you drive a new car off the lot, it starts losing value. Within the first year, cars can lose up to 20% of their value. A home, on the other hand, often appreciates over time, building equity and wealth.

🏠 Long-Term Investment: Owning a home is an investment that can provide stability and long-term value. As you make mortgage payments, you're building equity and securing your financial future.

🚗 Financial Flexibility: By choosing a more affordable car or delaying a car purchase, you free up funds for a down payment on a home. This can help you get better mortgage terms and improve your overall financial health.

🏠 Stable Living Situation: A home offers stability and a sense of belonging. It's a place to create memories, build a life, and provide security for you and your family.

🚗 Prioritize Homeownership: While a new car might provide instant gratification, homeownership sets the foundation for your financial future. Think long-term and consider investing in a home before making that car purchase.

Ready to discuss your homeownership journey? Let's explore how buying a home first can set you on the path to financial success!

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🚗🏠 We get it. You've graduated college or started your career, and you want a car to reflect that.

But in our humble, and super biased opinion: buying a home would be a much better idea.

Did you know that the second you drive off the lot with a brand new car, it starts to depreciate?

According to progressive.com, an insurer that makes sure it covers the correct value of cars they insure, "within the first year, cars can lose up to 20% of their value!"

Investing in a home can provide long-term value and stability. Let's chat about how to make smart financial decisions on your homeownership journey.

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🎓📉 Student Loan Debt is another common debt that can affect homebuyers.

Most people pay the standard loan repayment plan.

However, many qualify for much lower payments through an "Income-Driven Repayment Plan."

To see if you qualify, reach out to your student loan administrator or visit studentaid.gov and look for an "Income-Driven Repayment Plan."

With less money tied to student loans, more of your income can go towards buying a home.

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💳📉 Credit Card debt is at record highs in the US, over 1 trillion dollars!

And this debt can really hurt your debt-to-income ratio (which if it's too high, will stop you from finding a lender willing to work with you)

So what are some things we can do?

Use it like you don't need it (IE Keep your Utilization low!)
Credit Cards come with a max balance.
Try to stay below 30% of the max balance each month

Pay off the balance each month
This will help you avoid a growing balance and monthly payment
This will also help you to get better mortgage terms. It proves to lenders that you pay back your debts

Pay down your highest interest credit cards.
Did you know credit card interest rates are up to 24%+. That's crazy!

Yes mortgage rates are high too right now, but if you are in dire straits, you might want to do a cash-out refinance to pay off that debt and change your interest to current mortgage rates.

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Christmas 2008. Waveboard and Fresh Vans

Debt can hold you back from buying a home.

These are the most common types. Do any of these look familiar to you?

Our next couple of posts will be dedicated to sharing some strategies to lower or eliminate these debts.

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📉🏠 The No. 1 reason for mortgage decline is having too high of a Debt-To-Income Ratio

But have no fear!

There are some strategies we can work on to improve Debt-To-Income

One is to decrease the debt you currently have monthly

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IT'S ALMOST CHRISTMAS! 🎁🌟

We made a new YouTube video!
HomeQuest Preferred Savings Program (Realtors) !

HomeQuest Preferred Savings Program (Realtors)

We made a new YouTube video!
The HomeReady Special Purpose Credit Program !

If your goal is to purchase a home in 2024, this program might be the thing that makes your goal a reality!

The HomeReady Special Purpose Credit Program If your goal is to purchase a home in 2024, this program might be the thing that makes your goal a reality!

📉💰 Here's an example of someone having too high of a debt-to-income ratio.

Although Clara makes almost $4,000 more per month than Caleb, her Debt is just too high, and she would most likely be denied for this loan.

Our biggest fear is for someone to start the homebuying/mortgage process too late to put themselves in a good position. Too often people miss out on the home of their dreams because they simply didn't know what they didn't know.

In buying a home, we suggest this: talk to us 3 months earlier than you think you need to.

I bet with a little coaching we can probably help Clara get this home.

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📊🏠 I'm guessing you haven't gotten around to voluntarily learning about The Debt-to-Income ratio.

Most people are unfamiliar with the terms, and it is the most common reason homebuyers get denied for a loan.

Essentially, it is a ratio lenders use to determine how far a homebuyer can actually be stretched financially.

If too much income is tied to paying off debt, lenders worry that homebuyers won't have enough after groceries and other bills to cover their mortgage payment.

Too many missed mortgage payments lead to foreclosure, which can be a costly experience for a lender.

To avoid foreclosures, lenders set parameters on how high of a debt-to-income ratio they'll go.

To learn more about how to improve your debt-to-income ratio, check out our free course!

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📉🏠 The No. 1 reason for mortgage decline isn't what you think. 👀

Having too high of a Debt-To-Income Ratio.

If you’ve been denied while applying for a mortgage, you’re not alone. You’re actually in really good company. And we can help. 🤝🌟

Your path to loan approval starts at our link in bio. ↑ or a call... 480-464-2400

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The HomeReady® Special Purpose Credit Program (SPCP), by Fannie Mae, empowers first-time homebuyers. It offers substantial support through grants and cost coverage, making homeownership accessible. 💰💼

Benefits:

-Enjoy a $5,000 grant, reducing the financial burden of buying your first home. 💲💵
-Receive up to $500 for a 1-year home warranty, ensuring peace of mind. 🏠🛡️
-Get up to $500 towards appraisal costs, easing out-of-pocket expenses. 🏷️💼
-Benefit from seller assist, allowing up to 5% in contributions. 🤝🏘️

Eligibility:
To qualify, your current primary residence must be in an eligible census tract—a geographic area defined by the Census Bureau. This program promotes homeownership in underserved regions. 🗺️🏘️

Check Your Eligibility:
Share your property address with us, and we'll confirm if it falls within an eligible census tract. Note that while location is vital, other criteria, like credit history, apply. Reach out to explore all qualifications. 📋🤝

HomeReady® SPCP is committed to helping you overcome financial barriers and achieve your homeownership dream. Take the first step today – check your eligibility and unlock the possibilities it offers. 🚀🏡

💰🏠 Assets allow a lender to get a better picture of how you will make your mortgage payments, down payment, and closing costs.

When we buy a home, we typically think only about ourselves, but remember the lender is taking significant risk too and actually putting much more upfront than you.

For a lender, knowing that a buyer has assets helps ease the lender's fears in lending to you. In fact, the more you can do that in a loan application, the more favorable your mortgage terms will be. It would be nice if someone made a comprehensive first time homebuyer guide to teach people how to do that... Check ours out! 📚🏠

Favorable mortgage terms can save you literally tens of thousands of dollars over the life of a loan.

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