Best Loans For First Time Home Buyers With No Down Payment

Best Loans For First Time Home Buyers With No Down Payment – Here at Stacked, we get a lot of questions about the home buying process – especially from those looking to buy their first home. This naturally led to the decision to create our organization

So, in order not to overwhelm you with information, we decided to divide the guide into different sections with articles on topics and questions that allow easy and digestible reading:

Best Loans For First Time Home Buyers With No Down Payment

In this series, we’ll walk you through the process step-by-step with our original content. If you are serious about finding your first home and equip yourself with the knowledge to make the right decision – this is for you.

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. We don’t just have football figures; We mean an accurate estimate of how much you can afford. This means basically getting approval from your bank and also counting cash in hand.

Sometimes called an approval in principle (IPA) or pre-approval, this is a statement from the bank that tells you how much they can lend you if you buy a house within a certain period (AIP is usually valid for two weeks to 30 days. ).

For example, an AIP may say that if you buy a property by the expiration date, the bank can only lend you a maximum of $1.125 million.

One of the riskiest things you can do is secure an option purchase (OTP) on a property before the AIP.

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A down payment is usually a percentage of the purchase price that must be paid in cash (for example, $15,000 for a $1.5 million property). Remember, this is a backup

. So imagine putting down $15,000 and then finding out you can’t get enough credit to pay off the rest of the house.

In this case, the seller gets to keep your $15,000 and you get nothing.

Also remember that most OTPs only give you 14 days to exercise the option, so you have little time to get credit.

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When considering your AIP application, the bank will check your credit score, take your paychecks, and do everything they would normally do with a loan application.

If you use the same bank that issued the AIP, all paperwork is done natively. Loan approval and disbursement can be much faster (which is why many real estate agents and sellers prefer to work with buyers who have an AIP; they know there is less chance of delays).

We came across a case where a woman applied for AIP and found out that she would be denied a loan. That’s because it was a student credit card he used almost a decade ago; Order with a $500 limit.

For whatever reason, the debt on the card was never paid off and the bank wrote it off – but it turned out to be a default on his credit score. This small amount can hamper his home loan application process.

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In another case, another buyer (who was not actually the company secretary but the manager’s secretary) was mistakenly identified as the company’s company secretary. This prevented him from getting his credit and loan approval.

(As in any industry you will have your fair share of competent and incompetent bankers. It pays to find someone you can trust over time who will do a good job of getting you the right information. AIP).

Read more Finance How much can you borrow for a home loan/mortgage? By Ryan Jay

Listing livable apartments is difficult when you don’t know how much you can afford. You can target a property that may not be worth several hundred thousand dollars later.

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Banks consider many aspects when processing your loan. For example, if you and your spouse are self-employed and earn $10,000 a month, you would only expect to earn $7,000.

This is due to the ‘haircut’ applied to variable income, which means you may be getting less than you think.

(We’ll explain more about home loan income requirements in the next part of this guide – post updates on Stacked on Facebook).

Why does the seller care, you may ask? If you can’t get the loan, they can keep the deposit, right?

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Your deposit may actually be very little compensation for the seller of the property. For example, during the two-week period you are waiting for the OTP to be implemented, they cannot sell the property to anyone else – even if someone comes along and offers $100,000 more than you.

Remember, too, that sellers have their own pressing issues. Some of them may rush to sell within six months to get the Additional Buyer’s Stamp Duty (ABSD) exemption – they could lose 12 per cent of the purchase price of their next home if your transaction delays them. And of course, if the sellers bought a new home, your failed transaction could be the reason

As a result, some sellers and real estate agents are reluctant to negotiate with buyers who do not have an AIP. If so, they may prefer to secure loans.

Start by identifying the bank you want to borrow from. There can be hundreds of home loan packages at any given time (we can help you with that).

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Alternatively, we recommend contacting your agent (if you have one) and meeting with a trusted mortgage partner. As mentioned above, real estate agents are interested in a smooth transaction, so they want a mortgage banker they can trust to do their due diligence on your AIP.

However, if you still want to work directly with the bank, you can submit your case review request forms after identifying the bank (or banks). Each bank has their own procedures here, but CPF tax forms, IRAS etc. Make sure you have your SingPass with you to check.

Note that there is usually no cost to obtain an AIP, other than the time it takes to apply. you too

The use of an AIP receiving bank is required; If you want to use another bank, we recommend getting an AIP from them.

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You can start compiling a list of apartments; And you can do it with a clear understanding of what you are enabling.

Here ends Part 1 of Stacked Homes’ Ultimate Guide to Owning Your First Home.

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Ryan J Ryan is an old school print journalist gone digital. In Singapore, he lived in almost all types of accommodation, from apartments to country houses. Over the past 18 years, he has worked as a content developer for large and small companies, co-founded an education firm, and occasionally hosted radio. He spends a lot of time and money painting little plastic soldiers.

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My name is Sean and our goal is to help home buyers and sellers in Singapore make the best decisions for them. Do you have a question? Email us at: hello@

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