Don't Fall for These Mortgage Misconceptions

Misconception #1: A 20% Down Payment is required to own a home. We offer a wide array of loan programs that require far less than 20%. FHA: 3.5% down; VA: 0% down; Conventional: 3-5% down (depending on Credit Score)

Misconception #2: You need a high credit score (700+) to own a home. We approve some loan applications for these loans with credit scores 620 or under; FHA & VA: 600 min credit score; Conventional: 620 min credit score

Misconception #3: You don’t earn enough income to qualify. The ratio of your monthly expenses to your monthly income (Debt-to-Income ratio) is an important factor to us. Debt-to-income ratios get run through an automated system which is more flexible that most people think.

Misconception #4: All mortgage companies are the same. We make every effort to become your lender for life. We will work with you to get a home loan that meets both your short and long term goals. Our relationship does not end when your home loan funds; you’ll be able to count on us for all of your future home financing needs.

 

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.