Common Homebuyer Questions

Here are some of the most frequently asked questions:

Do I need to have a credit history-scores in order to qualify for a loan?

A: Yes, all conforming-traditional loans require you to have an established credit profile that produces a score. You need to manage your credit cards wisely and pay them on time every month. The same applies to car payments if you have one.

How much money do I need in order to be able to purchase my house?

A=This varies from person to person. There are some first time home buyer products that offer high financing for lower to moderate income persons. In some cases, a grant may be available if you need to tap into it. You do always need to have a recommended minimum of 2.0% to 3.0% of the projected sales price in your bank account.

What different types of mortgages are there?

A=With the "conforming-traditional" category, the most popular programs are: Conventional loans, FHA loans, and VA loans. All motivated buyers are able to apply for a Conventional or FHA mortgage. The VA loan is only available to former military people that served and have a valid certificate to qualify.