How to Buy a House With an Affordable Mortgage
By Rob Spinosa, SVP of Mortgage Lending, Marin County
(Guaranteed Rate, Marin County, CA)
How to Buy a House With an Affordable Mortgage Mama mia! If I've said it once, I'll say it a thousand times: You don't need to be a poor boy from a poor family in order to get an affordable mortgage! Yes, you do need to be a first-time homebuyer. Yes, your income needs to fall below the AMI or "area median income," which you can get a sense of at this link, Area Median Income Lookup Tool. But beyond that, this sort of low income home loan can be very flexible and a great way to get your first place. An AMI, or low income mortgage, can be a great alternative to either jumbo or FHA, and for various reasons. An affordable mortgage can improve your interest rate in some cases, reduce your PMI in others and it can even get you around the FHA loan limits in some counties, giving you mo...