Watch Patrick and Melinda to learn more.
From the January KATV interview with Patrick Dennis and Melinda Mayo
No Headphones...No Problem. See below for transcript.
From the station that's on your side
this is channel 7 news
good morning Arkansas we have Patrick
back with us today from Bank of Little
Rock Mortgage and today we're going to
talk about VA loans Veterans Day is
coming up and perhaps a lot of veterans
or their families don't know that this
is available to them where they can find
housing and find homes with a no down
payment so Patrick will tell us about
how all that works and Patrick Dennis of
Bank of Little Rock Mortgage is here to
share five important tips for
homeownership something really important
for everyone to be thinking about
whether you're a homeowner now or you're
going to be in the future there you go
for the new year maybe that's one of
your goals well up next you're going to
share five important tips for
homeownership stay with us alright
welcome back everybody Patrick dinners
where the bank of Little Rock mortgages
joins us today and we're going to talk
about the five tips for homebuyers
especially in 2020 a lot of people may
say this is the year to own my own home
absolutely yeah it's a great goal to
have so let's talk about what do you
think homebuyers should consider in the
new year so the first thing you want to
find out is what you can afford as far
as a home payment you've got a
coordinated with your other payments
your credit cards you know what are you
comfortable with right the rule of thumb
is 28% of your gross income or less and
and again it's not what you qualify for
what you're comfortable with right yeah
because you may have other bills that
are higher than the other guy right
everybody's situation is different you
could that out for children you know you
can't face as high of a mortgage so how
does your credit score then affect your
ability so credit score has a lot to do
with it first of all just for your
eligibility for certain programs or for
a mortgage at all you want to make sure
your your credit is in check that your
your credit cards are you know either 50
percent of their capacity or lower so
just check it to make sure there's no
hiccups you know nothing that's
unexpected yeah so we want to get that
in shape well we keep seeing you know
identity theft make sure there's not
something on there that isn't yours too
if you see it all the time you do yeah
when they go oh I don't have that
account okay any other tips as far as
the down payment
yes so there's a big myth that you have
to come in with 20% of a down payment to
get a mortgage and that's not true we've
got several mortgage mortgages mortgage
types that have minimal amounts of money
that you can bring in home ready home
possible you can put in 3% down on a
home for first-time homebuyers and if
you have a lower credit score FHA lets
you do three and a half also veterans
100% loan for veterans and they deserve
it yeah rural development 100% loan as
well and that's usually property
eligible as well as income eligible so
don't think I don't have $20,000 saved
up you know you may not need it yeah
with all these programs how do you know
which mortgage is the right one for you
yeah so based on the last few things
that we covered your your credit score
your down payment that's going to kind
of give us a direction as to what best
fits you as far as the mortgage goes
it's not a one-size-fits-all scenario we
get all that information together and
then we'll try to pick and choose and
hopefully you qualify for multiple yeah
one size does not fit all when it comes
to buying a home or your second home or
whatever you're doing okay any other
tips like pre qualifying for loans is
that important yes oh so that's the big
that will give us the big picture on
what we can do for you here in 2020 if
you come in do a pre-qualification or
give us a call doing an online
application it might take you 10 minutes
it covers all of those things that we
just covered in this interview your
credit score will know exactly what's on
it what you can afford what your
payment's are all of that encompassed
will give us a direction and what what
mortgage best fits you right and it'll
put you on a definitive path to
homeownership in 2020 do people come in
and they just they just want to go out
and start looking at homes but it's
really important to come in with you
guys first
that's correct and figure out your
picture first most Realtors will tell
you first thing you want to do is go out
there get pre-qualified for a loan make
sure you have that in order then you can
go out and take a look at a home and
you're ready to ready to go you're not
looking at that dream home that you're
not going to qualify for or to fall in
love with it and then find out well you
know this is it for me just yet for her
right you'll know right where you are
okay what's the easiest way to get in
touch with so several ways BLR mortgage
comm is our website we're on facebook
twitter the number at the office is two
one nine ninety one hundred give us a
holler we were just talking about
interest rates still very good going
into the new year and believable still
under four percent in the conventional
range so depending on qualifications but
it looks to be shaping up to be a good
year buyers market seller's market what
do you think i think it's a little bit
of both okay you know you've got limited
inventory
you've got people out there ready to buy
ready to move so i think you're gonna
see a little bit of both i'm about
that's the way we need it that's a we
need people buying and selling and go
visit them at bank of little rock
mortgage they could certainly get you
started on that path the right way thank
you go check your generator which I
right or what a good hi we're glad to be
that thank you so much
