Getting Pre-Approved Will Give You A “Leg Up!”
When you looking at purchasing your next home, you be thinking “been there and done that” before. The market has changed substantially since the last time your purchased a home. Lending guidelines and credit have tightened. There are more controls and verifications that are performed on your loan as you apply. Rates are probably lower, so that’s great news. It will give you piece of mind that we were there then, and we are here now to help you get pre-approved.
Getting pre-approved is so important. Many sellers won’t even look at an offer unless they know that you are able to purchase their home.
Pre-Qualification is different than Pre-Approval. Getting pre-qualified runs the preliminary numbers without an identified property address. Pre-approval identifies a property address and we verify your credit, income, and assets.
DID YOU KNOW?
| That we can get your pre-qualified in just 15 minutes and pre-approved in less than 24 hours. Click here to get the pre-approval process started. |
Here are some of the most popular loan programs and mortgage types available to first time home buyers:
This is the perfect mortgage for those people with only a little money down; you will only need about 3.5% for a down payment and the money can come as a gift from a relative. This loan is not only for those with great credit, but also those with less than perfect credit.
30 Year Fixed Conventional Loan:
This loan will require that you have at least 5% of your own money for a down payment. You will also need excellent credit to qualify for the best rate possible. An option exists where if you don’t have the traditional 20% down, you can buy out of the mortgage insurance for the best deal right now on the market.
This program is for members of the armed forces or national guard, current or past. It is a fantastic program with loose credit standards, an upfront mortgage guarantee fee financed in the loan, and no monthly mortgage insurance.
No Money Down Loans:
There are only a few options left. One popular option is the USDA Rural Development loan. This loan requires an upfront mortgage guarantee fee financed into the loan, with no monthly mortgage insurance required. There are some geographic and demographic restrictions and the program is subject to availability.
