- VA Loans for Qualified Veterans - NO Money Down
- USDA RD Loans (Rural Locations) - NO Money Down
- FHA Loans (Insured by Fed. Gov.) - 3.5% Down
- Conventional Loans - Typically 5% Down Minimum. (Some Buyers can qualify with only 3% Down)
Minimum Credit Score Requirements:
- VA - 580. Better Rates available at 640 or Higher
- FHA - 580. Better Rates available at 640 or Higher
- Conventional - 620. Better Rates available at 20 point intervals
- USDA RD - 620 or Better
Optimum Credit Score:
- 740 or Higher for the Best Rates Available
Credit Score Ranges:
- 320 (Low) to 844 (High)
- You do NOT have to have a 20% Down Payment saved to Buy a Home
- Mortgage Lenders do NOT make it impossible to Borrow Money
- Borrowers do NOT have to have perfect credit to get a loan
- If you've had a Foreclosure or Bankruptcy, you do NOT have to wait 7 years to get another loan
- All Down Payment monies do NOT have to be your own (dependent on loan program & percentage of down payment)
- FHA IS still a viable loan option
- Sellers CAN pay your Closing Costs (Negotiable)
- If buying a Foreclosed Property, you do NOT have to pay Cash
- The Sales Price IS negotiable
- Co-Signers ARE still allowed
- WILL need to find and work closely with an experienced knowledgeable Mortgage Lender
- WILL need to listen to their advice and follow it ... in a timely fashion
- WILL have to produce more proof and financial documentation than Mortgage applicants had to years ago
-
WILL need to be educated about and involved in your Mortgage Processing in order to find success
The above are facts, not myths or untruths. These are presently The Basics of Home Financing in 2013. Embrace these truths and fully commit to your Mortgage Process and you'll find the successful outcome you desire ...
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