Home Financing with Christopher Schaff

I am an Air Force veteran turned mortgage professional who has a passion to bring home financing knowledge to military personnel in active duty, reserves, guard, or veterans. I believe the military can set you up for financial success if you know how to take advantage of what is offered. As a first-time homebuyer, are you short on funds? Don't go back to your scummy landlord. The answer is a donation. Not organ donations, although... Thankfully, mortgage banks and the government not only allow, but encourage family members to help chip in for these down payments. Now don't roll your eyes just because you don't have that rich aunt who promised you 3 million dollars. Many families have saved up sizable chunks of money to help their kids with college or a first house! Remember how you needed 15,000 dollars for that downpayment? A gift from a parent, grandparent, or aunt of even 5 or 10 thousand dollars can drastically shrink the timeline when you are saving up for 15 thousand. This can be the boost that you need if you are a cash strapped first time homebuyer. Close family and relatives who may be hesitant to toss money around tend to more generous when it is for such a life-changing gift as helping an aspiring home owner get into their own place. So next time you are wondering where you are going to come up with 15 or 20 thousand, you might want to pay special attention at the family reunion.

pt. 2: I am an Air Force veteran turned mortgage professional who has a passion to bring home financing knowledge to military personnel in active duty, reserves, guard, or veterans. I believe the military can set you up for financial success if you know how to take advantage of what is offered. For most people buying their first home, scrapping together enough money is the hardest part. And in this housing market where you may have to make 5 or 6 offers of houses - that's saying a lot. A lot of these houses will be 300 to 400 thousand dollars. For example, a very humble downpayment of just 5% will come out to $15,000 dollars for a $300,000 house. And remember, that doesn't include the thousands of dollars for other expenses on top of that! This can become quite the challenge for younger aspiring homeowners trying to get into their first home and start building real estate wealth!

I am an Air Force veteran turned mortgage professional who has a passion to bring home financing knowledge to military personnel in active duty, reserves, guard, or veterans. I believe the military can set you up for financial success if you know how to take advantage of what is offered. Is there a secret score that determines how big of a home loan you can get? Yes, and that's what we'll be diving into today. Hopefully everyone knows about their credit score by now. You might not know the exact ins and out of how it gets calculated, but for the most part it is pretty straightforward. There are plently of resources to help you and I'll link some in the description. Additionally, I'll be doing a video all about credit and the various credit scores. Did you know you have at least 3, and some people have more?! The score that I'm going to be talking about today isn't going to be on any financial app you have, because the programs that calculate it are proprietary AI-powered systems that comb through hundreds of factors to label your financial stability when deciding whether you qualify for a mortgage. These programs are known as an AUS and the score I'm talking about is your DTI.

I am an Air Force veteran turned mortgage professional who has a passion to bring home financing knowledge to military personnel in active duty, reserves, guard, or veterans. I believe the military can set you up for financial success if you know how to take advantage of what is offered. You want to buy a house but don't know where to begin? Start saving money Using the FHA program, you'll need 3.5 percent to use as a down payment which works out to 12,250 dollars for a $350,000 home. Next, start paying off debt. Eliminating expensive car and credit card payments can increase the amount you can borrow by over 100,000 dollars! Third, check up on your credit. You'll need to have at least a 620 credit score to have a shot at a decent loan And last but most importantly, talk with a qualified loan officer. They'll be able to tell you what you need and how close you are.