Home Home Improvement Your Fastest and Easiest Cash Buyer Program for 2022: Spire Key Approval

Your Fastest and Easiest Cash Buyer Program for 2022: Spire Key Approval

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Buying a new home is no longer a tedious process with the Spire Key Approval Cash Buyer program. Spire Financial has been helping people who want to start their homeownership journeys for the last 6 months. Out of all cash buyer programs, Spire Key has manifested itself as one of the greatest and fastest options for becoming a homeowner. As a borrower, your application documents will be reviewed through underwriting. If the loan processing officer gets satisfied, your mortgage loan will get spire key approval. The cash buyer program backed with Spire Key Approval comes out stronger than the pre-approved ones. Spire Key Approval will take only a week to finalize. The best part about it is that a homebuyer can make different home offers even when the underwriting process is in progress because you’ll be preapproved.

How to Qualify for a Mortgage Loan

Before you begin finding your dream home, it’s advisable to wait until you’re pre-qualified. This will give you a better estimate of what to expect from your mortgage lender. At Spire Financial, you can qualify for various mortgage loans, including conventional and FHA mortgage loans. If you’re a first-time homebuyer, you’ll be required to make a 3% down payment and have a minimum credit score of 580. To qualify for either a conventional, FHA, or jumbo mortgage loan, the lender will check your monthly income versus debts and your credit history.

Conventional Home Loan

To qualify for this mortgage loan, at least have a credit score equivalent to 620 or more. A higher credit score will attract better mortgage rates. This option might not favor you if you’ve got a lower credit score. You’ll also need to make a 3% down payment if it’s your first home and 5% for a subsequent property.

FHA Home Loan

This is an excellent option for those buying their first home. To qualify for an FHA loan, you need a minimum credit score of 580, a 3.5% down payment, and proof of employment. If you can’t raise the 3.5% down, you can get help through the various FHA down payment assistance programs.

Jumbo Home Loan

This is a mortgage loan used for purchasing large homes that conventional loans can’t. To qualify, you need a credit score of at least 680, a 10% down payment, and a debt to income ratio of less than 43%.

In conclusion, regardless of the mortgage type you need, you can use a cosigner if you don’t have sufficient income or employment history. The cosigner can be your relative, parent, or friend.

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