Buying A Home-Path Property

At Quintessential Mortgage Group, we specialize in Fannie Mae, Freddie Mac, and FHA mortgage programs that enable first-time buyers to achieve their goals with a lower down payment. Fannie Mae offers first-time home buyers the chance to buy a foreclosed property for as an incredibly low percentage on their HomePath program. You can even apply for lower percentages of your closing costs back through the program. Fannie Mae homes sell in as-is condition, so you may have to repair a few things before your new place is move-in ready. With closing cost assistance, it can help make it more possible to cover these expenses.

Home Ready & Home Possible

The HomeReady and Home Possible programs are designed to help low-to-moderate-income home buyers and offer several benefits. These programs allow borrowers to put down a lower down payment than they would need to with a conventional mortgage. For example, the HomeReady program allows borrowers to put down as little as 3%, while the Home Possible program allows for down payments as low as 3%. This can make homeownership more accessible for borrowers who may not have a large amount of savings for a down payment.

These programs often have more flexible requirements for credit scores and income than conventional mortgages. For example, the HomeReady program allows for non-borrower household income to be considered, such as income from a family member or roommate who will live in the home. Additionally, the Home Possible program allows for higher debt-to-income ratios than traditional mortgages, which can make it easier for borrowers to qualify. Overall, these programs can provide more accessible and flexible options for home buyers who may not have the resources to qualify for a traditional mortgage.

Buying a home?

Quintessential Mortgage Group can make buying a home can be obtainable for first-time home buyers. When you buy a home, the Federal Housing Administration will guarantee a portion of your loan. As part of HUD, the FHA has insured millions of loans since 1934. By providing mortgage insurance to protect the provider in case of default. More borrowers and first-time homebuyers choose FHA mortgages when they need easy credit guidelines and qualifications, lower closing costs, and flexible and low down payment options.

How FHA Mortgage Insurance Works

The FHA program was designed to put you on the path to home ownership. In fact, according to FHA’s 2021 Annual Report, more than 84.6 percent of all FHA loan originations were for borrowers purchasing their first homes. FHA loans come in 15-year and 30-year terms with fixed interest rates. Flexible underwriting standards are designed to help give borrowers who might not qualify for private mortgages a chance to become homeowners. For good reasons many advantages make this program worth exploring: 

  • You can purchase a family primary residence or condo with a small down payment.
  •  FHA allows your seller or builder to pay a portion of your closing costs for appraisals and inspections, credit reports, and title company services.
  • You can purchase manufactured housing with an FHA loan in addition to mobile homes, whether you own the land or it’s in a mobile home park.

At Quintessential Mortgage Group, we work to offer the most flexible FHA loan options. To qualify, borrows should have a FICO score of 500 to 579 with a 10 percent down or a FICO score of 580 or higher with a 3.5 percent down. Have verifiable employment history for the last two years and have verifiable income through pay stubs, federal tax returns, and bank statements. Contact our team today and learn how we can help you with your home-buying goal. 

A loan meant for first time buyers

Quintessential Mortgage Group offers our borrowers the Down Payment Assistance Program. The idea of homeownership for first-time buyers shouldn’t seem like a farce in today’s market. Programs such as the BorrowSmart Program, offered by Freddie Mac, provide down payment assistance to lower-income homebuyers. It is available to borrowers in all 50 states. If you have the monthly income to pay mortgage payments, but not enough money to pay the upfront costs, you may qualify for a low-interest loan to help you cover what you need.

Exploring your options

The big benefit of this program is that it enables buyers to help cover the downpayment of the property they would be purchasing. Some advantages that make this accessible include:

  • Grants can be used for the down payment and/or closing costs.
  • Can be paired with MCC or other Down Payment Assistance Programs.
  • The income Limit is based on qualifying income used for a transaction, not household income.

Eligibility is determined by your household income and credit history, varying by state and program. Our loan officers will answer any questions you may have on applying for any FHA loans. Get a quote estimate to see how much your downpayment will be with our mortgage calculator. 

Conventional Purchase Loans

Want flexible down payment options? Conventional loans offer a wide range of choices with great benefits for qualified buyers. Unlike some government loans, conventional financing can be used on nearly any property type, giving you more freedom when house hunting.

Low Down Payment Options

If you’re short on cash for a big down payment, these programs can help.

Fannie Mae HomeReady
A fixed-rate program for qualified low-to-moderate income buyers with as little as 3% down.

Freddie Mac Home Possible and Home Possible Advantage
Designed for buyers with limited income or those purchasing in eligible areas, offering low down payment options with flexible guidelines.

Loan limits, credit score requirements, and maximum financing vary by program.

Private mortgage insurance is required when putting less than 20% down, but it can be removed once enough equity is built.

Empowering you with options

Financing your home doesn’t necessarily have to be a complicated process. At Quintessential Mortgage Group, we ensure you’re involved in the financing and purchasing of a home. Our team has earned a reputation as being knowledgeable in various types of home financing, especially conventional loans. It’s a great option for those with an optimal credit score and little debt.

The QMG Experience

Our mortgage loan originators are committed to helping you obtain the best conventional loan terms. We can do this because we work with many providers to get you the best loan at the best rates available.

Conventional loans, for example, offer advantages for some borrowers over government-insured or government-backed loans, such as those backed by the Federal Housing Administration or by the U.S. Department of Veterans Affairs. Advantages outlined below include :

  • Financing allowed for the purchase of a second home
  • Low down payments that can include gifts received from others
  • No restrictions for first-time buyers
  • Buyers may have someone cosign the loan with them

Our years of experience provide us with the best insight on how to advise borrowers and assist them with any questions they might have. 

*Loans Subject to Credit, Property and Underwriting Approval by Third-Party Mortgage Lenders.  All mortgage loan applications are subject to credit and property approval, along with other underwriting rules and requirements.  Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations may apply.