Do I need great credit to get a mortgage?
The short answer is no, you don’t need “great” credit in order to secure a mortgage. At the same time, the higher your credit score the lower your interest rate will be.
We provide true credit approvals with scores as low as 580 for FHA and as low as 620 for conventional.
How much of a down payment do I need?
This depends on the program you choose and qualify for. Take your desired purchase price x the program percentage. Example: $200,000 purchase price x 3.5% = $7,000 down payment.
- Conventional loans as low as 3% down
- FHA loans as low as 3.5% down
- USDA loans as low as 0% down
- VA loans as low as 0% down
What are closing costs, and how much should I expect them to be?
Closing costs are the costs associated with your loan. This can include origination fees, title insurance, prepaid escrows and more.
Typically, your closing costs are broken down into two types of closing costs.
- Actual closing costs – with an average cost between $2700 to $4000
- Prepaid closing costs – these include your full year of insurance, your escrow set up for taxes and insurance, and prepaid interest.