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Today, we are joined by Lizy Hoeffer from Prospect Mortgage to discuss how lenders can give buyers a leg up in the market, and whether the rumor that you have to put 20-25% down on a home is true.

One of the most important things for a buyer in today's market is to get pre-qualified. Lizy and her team can usually put together a pre-qualification in less than 24 hours.

Getting pre-qualified is just the first step; getting pre-approved definitely makes our buyers look more appealing to the sellers. You will need to provide 30 days of payment stubs, last year's tax returns and W-2s, and two months of bank statements, and Lizy will take care of the rest. They even make calls to the seller on your behalf. Lizy's team is ranked in the top 1% of lenders in Arizona, so being pre-approved by them makes you look more credible to a buyer.

However, a lot of buyers are hesitant to enter the market, especially those who have had credit issues in the past. Contrary to the rumor that's going around, you do not need to have a 25% down payment.

In terms of down payment programs, there are programs that don't require any money down. Typically, you have to be a first-time home buyer or veteran to be considered for those. There are also programs that offer as low as 3% down for conventional loans, and there are government options out there as well.

Ultimately, there are a ton of mortgage options out there. If you have any questions on what programs are available to you, contact Lizy Hoeffer at (480) 818-6222, or go to http://lizyhoeffer.comYou can also visit my site for all of your real estate needs at www.forsalephoenixhomes.com. As always, if you have any questions about real estate, give me a call or send me an email. We'd be happy to help you!