As a first-time homebuyer, there are a lot of unknowns. One of the first things you need to do when wanting to buy a home is to get pre-approved. Here are some FAQ’s most first-time homebuyers want answers to!
Q: Is my credit good enough to buy a home?
A: A higher credit score usually means a smoother loan approval, and a much lower interest rate and monthly payment. Conventional loans typically require a minimum 620 credit score, but if you qualify for an FHA loan, you only need a minimum 500 credit score and 10% down payment.
Q: How much money do I need to buy a home?
A: You’ll need enough money to cover your down payment and closing costs, depending on the loan program you qualify for — DM me for a breakdown!
Want to know more? Send me a message!
Comments