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To qualify for a mortgage loan, you typically need a credit score of at least 620, though FHA loans may accept scores as low as 580. A down payment of 3-20% is usually required, depending on the loan type. Lenders also look for stable income and employment history, a debt-to-income ratio under 50%, and proof of assets for down payment and reserves. Additionally, the property must pass an appraisal, and you must be a U.S. citizen or legal resident. Other factors, like past bankruptcies, may affect eligibility.
Yes, it's possible! While a higher credit score can open doors to better rates, there are loan programs designed for individuals with lower credit scores. We can help explore your options and find a loan that works for you.
A common misconception is that you need 20% down to buy a home. There are many loan programs that allow for much lower down payments, especially for first-time homebuyers. Our team will help you explore all your options and find the right one for you.
Pre-qualification is a basic estimate of how much you can borrow based on the information you provide. Pre-approval, on the other hand, involves a more thorough review of your finances and gives you a stronger edge when making an offer on a home.
The best mortgage for a first-time homebuyer depends on their unique situation. For those with lower credit scores or limited savings, an FHA loan is ideal with its 3.5% down payment. A Conventional loan works better for buyers with good credit and a larger down payment. VA loans are perfect for veterans and active military, offering no down payment or mortgage insurance. USDA loans are great for buyers in rural areas with no down payment required. Ultimately, it depends on credit, down payment, income, and eligibility for specific programs.
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