What is a required down payment?

The amount you apply as your down payment is determined by a number of factors, while Conventional Loans are usually thought to have 20% of the sales price down - you can sometimes put as little as 3% down. An FHA downpayment is as little as 3.5% down while VA and USDA allow for 100% financing (ZERO down payment).

Do I have to have perfect credit?

Credit scores can be scary, but they don’t have to be when it comes to home financing. FHA loan programs tend to be more lenient, allowing a qualified homebuyer with a credit score of 580 or higher to purchase or refinance their home.

What would my “out of pocket expenses” be?

When it comes to a home mortgage, your lender will most likely need an appraisal to determine that the value of your home will support the loan amount/sales price you are looking for. Your appraisal would be a cost that you would pay upfront (before closing). Any home inspections (wind mitigation, termite or 4point) that you add on may be additional expenses of your choosing.

What documentation do I need to obtain a mortgage?

Great Question! The documentation that you need is determined by your loan program. While most programs will need your most recent paystub and two year’s W2s, your most recent two month’s bank statements and your driver’s license there are loan programs that won’t require these items. (Some that don’t require proof of income).