Home Buyers - FAQ

The Home BuyingProcess
Most frequent questions and answers

No.  We have programs for less than perfect credit, and we also offer our “Credit Repair & Improvement Program.”  This will allow you to get one on one Credit Coaching with an expert who will take all the guesswork out of what is affecting your credit and how to fix it.  More importantly what to focus on and what is a waste of time.  So, credit improvement is just a matter of getting a plan and some guidance along the way, and that is what we provide.

Not necessarily.  Most standard down payments for FHA loans is 3.5% of the sales price, while Conventional programs can range between 0% Down to 5%.  Certain areas of town are eligible for $0 Down Payment programs through the USDA or certain special loan programs.  Then there is number of Down Payment Assistance Programs (DPA’s) that can be used to achieve a small to 0% Down 

Your monthly income versus your current monthly debt or payments will determine how much income you will have left over to purchase a home.  Most programs will generally have a rule of 43% to 50% of your monthly income can be used for your home, auto, and other reported debt.  

There are a variety of different programs that assist with down payment and closing costs.  So, one of these programs can be used in conjunction with a loan to achieve a small to zero down payment. Many programs are offered by local municipalities, county programs, state programs, tribal programs, and a number of others

Job and income stability are typically more important than credit.  A lender wants a minimum of two (2) years at a job or position to consider it stable with stable income that does not fluctuate.  A lender may use this stability to compensate for a lack of credit or some minor credit blemishes.  This stability becomes a compensating factor to convince the lender that you are a good risk  

There are a variety of different programs that assist with down payment and closing costs.  So, one of these programs can be used in conjunction with a loan to achieve a small to zero down payment. Many programs are offered by local municipalities, county programs, state programs, tribal programs, and a number of others

There are a variety of different programs that assist with down payment and closing costs.  So, one of these programs can be used in conjunction with a loan to achieve a small to zero down payment. Many programs are offered by local municipalities, county programs, state programs, tribal programs, and a number of others

No.  It is not required.  Your credit score and amount of established credit will determine if rental history is required.

There are a variety of different programs that assist with down payment and closing costs.  So, one of these programs can be used in conjunction with a loan to achieve a small to zero down payment. Many programs are offered by local municipalities, county programs, state programs, tribal programs, and a number of others