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Home mortgage qualification Rumors Debunked.

By
Real Estate Agent with Re/Max Communities

Widely reported:  Financing is hard to obtain for buyers!

False: For buyers that have a 620 credit score ( which is not htat high) or better, a job, and

some assemblance of credit lines are likely to succeed in VA / FHA financing.

Widely reported: You NEED 20% down to purchasee a home!

False:  Buyers with a 620 credit score, or better, a job and appropriate debt to income ratios can qualify with 3.5% down!

Widely reported: There are no 100% programs available for 1st time buyers.

False: Sort of- There are $100 down HUD programs available for purchase of HUD homes, Grant programs that match funds. There are ways to come into a purchase with almost no down payment if you are willing to hunt and peck through programs!