- Q: How much down payment will I need? A: Conventional loans require a 5% minimum down payment and FHA loans only require a 3% minimum down payment.
- Q: What if I don't have the money for a down payment? A: There are still loan programs available for 100% financing or you can get down payment funds from a relative who is gifting you the money.
- Q: Why don't I qualify for the rates advertised? A: In most cases, if your credit score is low, you will not qualify for advertised rates, but you may still qualify for a home loan.
- Q: If we get this house we are also going to be buying new appliances and furniture. Should we wait? A: Yes, if you are shopping for a home, wait to purchase any large credit items like an automobile or opening any additional credit accounts until after your home loan closes. Each time you allow someone to run a credit report on you for their store card, shopping for a car, etc. those inquiries can bring your credit score down a few points each time.
- Q: How do I know my credit score? A: You can get a free credit report on yourself direct with no "hit" against your credit once a year.
For more information or additional questions, contact Teresa Goodbary of MLC Mortgage Corporation at 405-535-5107 or TGoodbary@aol.com.
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