The ?'s You're Dying to Ask

Home financing can be an intimidating topic - Stuffy lenders sitting across a big desk with a DENIED stamp may have been in your recent nightmares.  You have questions, you need answers.  I'm here to HELP you, not intimidate you (and I threw away my DENIED stamp years ago!)

How do I get pre-approved?
I’m here to make the pre-approval process fast and simple (and best of all, it’s FREE).  With a short phone conversation, I can provide you with your credit rating, and the approximate amount you qualify for.  What does it take to get pre-approved?  Not as much as you might think!

• Full Name, Date of Birth, Social Security Number and Current Address for a free credit report
• Employment history for 2 years
• Gross monthly or yearly income
• Estimated balance in checking & savings accounts

Your pre-approval and personalized financing options will be complete within 24 hours.  And, you always deal directly with me – no calling in to a national call center, providing your social security number to wait on hold and speak with a stranger!  I’m your personal mortgage lender.

What are the credit requirements for financing?
Every loan program is different; however the current minimum credit score for most financing types is 640 for each individual on the loan (620 for VA financing).

How much money will I need to put down?
If you are a veteran or currently serve in the US military, you may be eligible for VA financing with zero down payment.
FHA (Federal Housing Administration) requires a minimum down payment of 3.5% of the house sales price.
Conventional financing requires a minimum down payment of 5%.

How long does the entire process take?
Generally speaking, you should allow 30 days from the time you write a purchase contract until the actual closing date.  Of course rushes are available and it is my goal to help you get into your dream home quickly!

Can I use a VA loan more than once?
Yes – in fact you can use your VA loan an unlimited amount of times to purchase a home.  It’s a little known fact in the industry, but you can actually have more than one VA loan at a time.  I can quickly determine if you are eligible for using your VA entitlement while owning another home with VA financing based on your current VA loan balance.  Call or email me!

How much are closing costs?
Closing costs are an accumulative cost from all parties in obtaining financing for a home.  Lender fees, underwriting, appraisal, attorney, and title fees are included.  A general rule of thumb for closing costs is 3% of the sales price.  However, most fees you will incur are a specific dollar figure rather than a percentage; therefore closing costs may be more than 3% for lower priced homes and less than 3% for higher priced homes.  These closing costs are a standard buyer’s expense; however if written in your purchase contract, the seller can assist with these costs of obtaining financing.  For a more exact estimate on closing costs for your financing scenario, just ask!

What is mortgage insurance?
This insurance protects the lender in the event of default and is generally required in one form or another when the down payment is less than 20%.  The lower the down payment, the higher the risk for the lender, and thus the higher the monthly premium.

Is this process as miserable as buying a used car?
Not at all . . . when you’re working with the right Lender!  Allow me to help make this the exciting and enjoyable time it should be!

I'm standing by to help your family!  Make my day and give me a call or drop me an email!