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Q. Should I get pre-qualified or pre-approved before I begin house hunting?
Absolutely! It is important to know how much you can afford before you fall in love with a home.
Q. How much should I put down on a house?
This varies based on your personal situation and how comfortable you are with your payments. It usually varies between zero and 20%
Q. What if I'm self-employed or don't have a two-year job history?
Some programs are available as stated income and no income, no asset verification.
Q. What's the difference between pre-approved and approved?
Pre-approved means that the buyer has been submitted to an automated underwriting system such as Freddie Mac or Fannie Mae and has received an accept rating. Approved means that a deal has been submitted to a specific lender and all of the terms have been met. The loan is then ready for closing.
Q. What do I do if I have credit problems, or no credit history?
Sometimes bad things happen to good people. Credit problems do not prohibit buyers from purchasing a home. There are programs designed for buyers with credit problems. These programs allow buyers to purchase a home, receive tax deductions and rebuild their credit.
Q. Can I ever put zero down?
Definitely! There are zero-down programs that lenders do provide.
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