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Frequent Q & A
Who can qualify for a home?
Amazingly, so many qualify for a mortgage without knowing it and, a result, end up renting for years and missing out on many tax and the savings benefits of homeownership. Even after the losses seen in real estate recently, many real estate experts quote home-ownership as one of the most solid long-term investments.
How much credit is needed to qualify?
You will be amazed to learn that, in many cases, some landlords have more stringent credit requirements than certain mortgage programs. Give home-ownership a try!
How much down payment is required?
An FHA insured loan is 96.5% loan (3.5% of the purchase price down) while a USDA or VA program is 100% loan which means the down payment is 0%. You are still responsible for closing costs and pre-paid costs but the seller may be allowed to contribute most of the costs making it really affordable to own real estate today. Of course, there's also conventional and other programs requiring 5%, 10% and 20% down.
Is it tough for a first-time buyer to qualify?
Most programs are available to first-time and experienced borrowers alike as long as the trade line and/or credit score requirement is met. The underwriter determines the borrower's ability to make the mortgage payment and that the property is an acceptable collateral.
I heard on TV banks aren't lending for homes these days
A lot has been said about the industry recently but banks have ample liquidity for people to buy homes. In fact, real estate is a critical component for the economy's recovery and both the government and private banking sectors are ready to lend with an arsenal of programs.
Is it a good time to buy real estate?
The real estate industry has recently seen some of the lowest interest rate offerings in years, lowest real estate prices in decades and vast inventories of homes to chose from. Additionally, there are more attractive programs, tax-credit incentives and advantages than ever before making this an especially opportune time to get the deal of a lifetime.
Is it harder to qualify for a mortgage these days?
Industry standards have narrowed and high-risk programs have ended making it more difficult to those that don't normally qualify for a mortgage more difficult. If you have verifiable income, some credit established and at least a small down payment, you really should consider taking advantage of the amazing deals available today.
How is the value of a property determined?
For the most part, a lender determines the value of a home by comparing the subject property to similar properties in the area. Features, location and other variables make a property more or less valuable than most.
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