First-time home buyers always have a few questions regarding loans, credit, and the buying process. Read some of the most frequently asked ones here.

Do I need to have good credit to qualify?
No, you don't. Loan programs have become very flexible and there are loans available for almost any borrower. For example, there are even programs that you qualify for even if you are just 1 day our of Chapter 13 bankruptcy. There are many different non-conforming loan programs available today that will allow for different issues.

Don't I need to have money for a down payment to buy a house?
Not necessarily. There are many down payment assistance programs currently available where most of your down payment is actually granted to you! That means that you are not responsible for almost all of the required down payment.
There is also the ability to avoid a down payment all together if you qualify for 100% financing. That means that you can get you a loan for the entire amount of the home so you have to put no money down! Check out our section on "First Time Buyers" for more information on these types of programs.

What if I had a bankruptcy in the past or am in bankruptcy now?
Not a problem. As said before, there are financing programs for people if you have been discharged from Chapter 13 or Chapter 7 for just one day!

What about late payments and collections on my credit?
Late payments and collections can be overlooked to qualify you.  There are many non-conforming loan programs now a days that allow for this. The best way to see if there is a program that fits your circumstances is to spend a few minutes on the phone with a qualified loan officer that specializes in dealing in these type loans. Contact us and we will put you in touch with the right lender for your particular needs.

What if I receive a lot or most of my money from tips?
There are many programs designed for borrowers in this position. Many loans use 'no income' qualifiers where only the credit report is taken into consideration.  If your credit report is not as good as it could be, there are other 'stated income' programs, which use documents such as bank statements, to prove your income level and qualify you for the loan.

How much are closing costs when I buy a house?
Typical closing costs including lender fees, title fees, state recording fees, taxes, and insurance are approximately 3% to 5% of the purchase price.

What kind of rate can I expect?
Interest rates depend on your whole credit picture.  If you have 'A+' credit (nearly perfect credit) you can expect the most competitive rates in the industry.  If you have 'B' credit (slightly less than perfect credit), you can expect the slightly higher rates than 'A+' borrowers.  If you have 'D' credit (some issues with lates, past due accounts, etc), you can expect to pay higher rates and higher fees than most borrowers.  Sometimes it is best just to get financing period if you have credit issues, and refinance the loan in a year or two once you have rebuild your credit.

Why should I get pre-qualified for a loan?
With the current market conditions, homes are selling in a matter of days after they are put up for sale.  If you are not pre-qualified and do not have a pre-qualification letter submitted with your offer for a home, you will not receive serious consideration.  With 3 or 4 buyers at a time lining up to purchase homes, realtors are only accepting the strongest offers; the strongest offers are those that are submitted with financing already taken care of. Also, if you are thinking of trying to bid on a foreclosure, then you will be required to submit pre-qualification letter from a lender.

How do I get more information and/or pre-qualified for a home loan?
Feel free to contact us by phone or simply fill out the "Pre-Qualify Now!" button to the left of the page and someone will be in contact with you soon to discuss your options.