Thursday, July 18, 2019 / by Mallory Herzog
Conventional and FHA loan programs have changed over the years. They are more flexible with their down payments. Some offer low down payments at 3.5% to qualifying buyers. VA and USDA loans often require little to NO down payment.
Its a very competitive market. If you are browsing homes online and reaching out to realtors, you should already have your pre-qualifiation ready. When you find a home you love, so does someone else! It is important to move quickly and submit your offer. Having your pre approval in place, shows the seller there wont be delays in your purchase.
Allowing them to confidently accept your offer over others without!
Many buyers are intimated by the processes, when they shouldn't be! Lenders want to get you approved and will work to find the best loan for your situation. Searching for the best interest rate and terms. Giving you a realistic estimate of what you can afford. Down payment and closing cost assistance is available in some situations.
How do you start? Over the phone they will gather basic information. Such as birthdate, social security number and employment history or investments. They may also ask for recent pay stubs, bank statements or past taxes. This helps to quickly verify employment and get a feel for your debt to income ratio!
Looking for a lender?
Our agents can point you in the right direction.