Frequently Asked Question: Will I Be Able to Get Pre-approved for a Mortgage?

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Services for Real Estate Pros with Scena Home Staging & Decora Photography

Frequently Asked Question: Will I Be Able to Get Pre-approved for a Mortgage?

Q: I have credit scores of 663 & 640. Will I be able to get pre-approved for a mortgage for under $100,000 with 10% down in today's economy?

A: Yes, you can get pre-approved for a mortgage. However, with those credit scores, your best option most likely will be either an FHA mortgage, a USDA loan, or a VA mortgage.

For FHA, you need only 3.5% down. For both VA and USDA, you can buy a home with no money down. Of course, with VA, you must be military / reserve / national guard or an eligible veteran. With USDA, you must be within income guidelines for the county you want to purchase a home in, and the address of the property you want to buy must be in an eligible area.

Of course, your ability to purchase and finance a home will also depend on your income and credit. Speak with a mortgage lender / broker in your area who offers government insured mortgage programs (FHA / VA/ USDA) and see if can get pre-approved for a mortgage.

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East Bridgewater, MA 02333
Phone: (508) 443-1332

Lew Corcoran, ASP®, IAHSP, IAHSP-CB
Accredited Home Staging Professional
Professional Real Estate Photographer

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Topic:
Lending / Financial
Location:
Massachusetts Barnstable County
Groups:
1st Time Buyers
The FHA Mortgage Group
Consumer Mortgage Tips
USDA Rural Development Loan Group
Financing Friday
Tags:
second homes
buying a home
home buyer
mortgage preapproval
mortgage qualification
frequently asked questions about mortgages

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