Home Loan Purchase Financing with Stew McCaw

Financing a home loan with me means closing your mortgage on time with less hassle. Whether you are a first time buyer or a seasoned homeowner, purchasing a home can very quickly become a stressful process rather than a joyful one. I take the stress off of your shoulders by walking you through the process, every step of the way. I’ll help you find the best options and programs to fit your unique needs.

When you are deciding on a home purchase loan, you want freedom to choose the interest rate, monthly payment, and term options.

I always take into consideration all of your needs, finances, and history in order to help you choose the perfect home loan for you.

My experience and expertise in the industry qualifies me to assist you in finding the home loan financing that is best for you. Keep exploring my website to find out more about different types of loans available. I look forward to hearing from you!

Working with Stew McCaw

Those with more intricate loan situations, including realtors, builders, and CPAs, continue to put their trust in us year after year. I am also often entrusted by other lenders with demanding deals that need to be closed fast. 

I will always:

• Put you and your needs first.
• Proudly offer some of the most competitive rates in the nation.
• Work quickly and efficiently to get you everything you need; I close most of our loans in 30 days or less.
• Have the ability to offer numerous types of loans, allowing me to find the ideal loan for you.

Low Down Payment Purchase Options

Crunching the numbers to figure out how much money to use as a down payment can be a daunting task, no matter whether you’re a seasoned home buyer or first-timer.

Setting yourself up for success with down payment planning is unique to every individual, and depends on your situation, personal circumstances, and preferences. There are four main facets that should be considered by all homebuyers and investors when it comes to down payments:

• Down payment options
• Cost of lower down payments
• Benefits of lower down payments
• Personal considerations

Keep reading to find more information on financing programs for down payments. This information is not meant to steer you towards or away from any particular program. Rather, its purpose is to provoke thought and careful consideration about the various options available.

Down Payment Options

Though only 3% is required down for many of our offerings, the typical down payment for a home is 20% of the cost of the home. That being said, few lenders still require 20% at closing. Assessing the pros and cons of putting down a 20% down payment can help you decide whether this is the correct option for you.

Pros:

• A 20% down payment means no need for private mortgage insurance, or PMI.
• The higher your down payment, the less of a risk you are to lenders – that means lower interest rates for your mortgage loan!
• The higher your down payment is, the smaller your loan will be. This results in lower monthly payments and lower interest.
• Home sellers tend to prefer to work with buyers who have put down at least 20% as a down payment, as this is often an indication that the buyer’s financial situation is in order. This may help you get a competitive edge over other buyers, especially if the home you are buying is in a high-demand area.

Cons:

• There is a financial risk for you, as the buyer. Once money goes towards your mortgage, it is often difficult to get it back.
• Putting down a higher down payment can mean that there is less money left over for other projects, such as home repairs, maintenance, and anything else that you may need in your new home.
• Saving such a large amount of money can take a very long time.

All of this being said, it is possible to buy a house with no down payment! There are several government-backed loan options available, including VA loans and USDA loans.

Additionally, various types of loans have different down payment requirements. For example, minimums for conventional loans range from 3-5%, depending on credit score, financial history, and other factors. FHA loans, however, can require anywhere from 3.5-10% (also depending on financial history and credit score).

The bottom line is, there are a wealth of options available to homebuyers when it comes to down payments.

Lower Down Payment Benefits and Drawbacks

Though lower down payments make it easier for homebuyers to produce the amount needed for a down payment, there are, as with every solution, negatives and positives.

Pros:

• Increased liquidity.
• Higher returns. Your property appreciates at the same rate whether you put down 3%, 5%, or 20%.
• Lower down payments allow for more wiggle room with any extra money that is left after the home purchase. This can be put towards home improvements, other financial ventures, or savings.

Cons:

• Low or no down payment programs have two primary fallbacks: higher interest rates, as well as higher mortgage insurance premiums. The solution to the mortgage insurance issue is that mortgage insurance can be removed once sufficient equity is produced.
• With lower down payments comes another burden: higher loan amounts, which means a higher monthly payment for you.

Personal Consideration

At the end of the day, the size of your down payment should be a carefully thought out decision. Though lenders will walk you through the process and qualify you for a specific loan amount, that qualification level may be vastly different from the amount at which you feel the most comfortable.

This is why it is always best to do your own calculations and research prior to consulting with a loan officer.

First-Time Home Buyers

Let Me Guide You Smoothly into Your Dream Home

I’m here to guide you through the loan process. I’ll get you pre-qualified for free before you even find your new home and match you with a trusted real estate agent through my partner networks. The variety of loan options offered will allow you to buy your first home with very little down and I will work to ensure the loan payments meet your unique needs.

Loan Programs for First-Time Home Buyers:

FHA Loan
Perfect for the buyer that wants to put less money down. Purchase your house with as little as 3.5% down!

30-Year Loan
The most secure loan program. Lock in a low payment and sleep tight knowing your rate will not change.

VA Loan
An amazing deal for veterans and military members. Those who qualify for this loan can purchase with no down payment and no PMI. Find out if you qualify today!

Not sure which program is right for you? Contact me today! I can get you pre-qualified and find you the loan that best meets your needs. Find out how you can get pre-qualified today!

Owning a Second Home Can be Easier than You Thought

A dream home is within reach. I can find the right loan to help you buy and finance a second home loan or investment property. My pre-qualification process will ensure you are ready to buy and we can assist in finding a real estate agent in your area!

I have helped hundreds of clients get into their dream vacation homes and buy lucrative investment properties.

Mortgage Loan Programs for Vacation and Investment Homes

30-Year Loan
Take advantage of low rates by locking into a low payment with a traditional 30-year loan

15-Year Loan
Get the same security of a 30-year fixed rate mortgage, but pay your mortgage off in half the time.

Get Pre-Qualified

Increase your bargaining power by getting pre-qualified with me today.

Not sure which program is right for you? Contact me today! I can get you pre-qualified and find you the loan that best meets your needs. Find out how you can get pre-qualified today!