I’m Buying My First Home, Where Do I Start?
Unless you don’t need a loan to buy your home, start with the financing. Talk with a lender before you start looking at homes. This will answer your questions about how much you qualify for, how much your payments will be, and how much cash you will need to close your escrow. Be sure to have a credit report run at this time to eliminate any surprises later. Errors on credit report are common— especially if you have a common last name or someone else in your family has your name.

Do I Need Perfect Credit To Buy A Home?
No. Lenders understand that family emergencies, death, divorce, etc. that have happened in the past can contribute to periods of late payments. The credit history over the past 12-36 months is the most critical. Late payments, that are current, but occurred over 2 years ago generally will not act as a barrier in obtaining a mortgage loan. All derogatory items that appear on the credit report must be explained by you in writing.

What is A Conventional loan?
A Conventional loan is a non-government loan such as VA or FHA. Fannie Mae & Freddie Mac, insurers of these loans, offer what is referred to as “A” paper loans for borrowers with good to excellent credit, meaning no late payments within the past 24 months. These loans offer the best market interest rates with minimum down payment requirements of 3% & 5%. Private mortgage insurance (PMI), a cost added to your monthly payment, is required on these loans when less than 20% down payment is made.

My Friend Just Bought A Home And He Said It Was A Lot Of Hassle To Get Loan Approval—Is This True?
Before obtaining loan approval you will have to submit 2 years tax returns and W-2s, recent pay stubs, statements for all your assets, have your credit checked and explain any derogatory credit. Furthermore, your employer, bank, and landlord will be contacted. You will complete, sign and possibly re-sign dozens of forms and pay for your credit report, appraisal upfront