Ready to Own a Home? Decoding Financing for Aspiring Homeowners

Fire the landlord

Take a crucial step towards owning your dream home in this episode of 'Fire the Landlord'. Join our host, Bill Lutz, along with financial gurus, Jerry Lutz and Jesse Smith. Discover top advice and strategies to pave your way towards financial independence and a home of your own.

Jerry initiates the conversation by stressing the importance of credit scores in determining the type of mortgage programs available. Uncover various credit requirements and how understanding your status will guide you better in choosing the program best suited for your needs.

Next, delve into understanding your income and its affordability. Recognize the significance of assessing your income, acknowledging your monthly bills, and understanding your debt to income ratio. The discussion debunks the misconception of counting subscription-based expenses towards your affordability calculation.

Explore alternate pathways for people with zero credit. Expand your understanding of a ‘manual build’ on credit scores. Recognize the importance of showing a reliable track record of regular payments and gain your chance at becoming a homeowner.

Grasp the basics of leveraging additional income sources like "gig jobs" and compare how these incomes are considered differently from regular W-2 employees in the eyes of lenders. Learn about the concept of down payments and gift funds, how they're sourced, and requirements for acquiring them.

Potential homeowners will gain clarity on various community programs and grants available for down payments and how they can affect your loan. The conversation also sheds light on key advantages of having higher down payments to save on mortgage insurance payment.

Begin your transition from a renter to a homeowner with 'Fire the Landlord'. Reach out to our experts at 513-655-3473 and get the start you need to achieve your dream of homeownership today.