TIPS for Loan Approval....
Confidential/ Complimentary/ Consultation REAL ESTATE ADVICE AVAILABLE
- You do not need a 20% down payment to buy a home. Some financing programs allow as low as 3% down payment for a conforming fixed-rate loan, and in some cases no down payment is required at all.
- Monetary gifts from your family is allowed for some or all of the required down payment and/ or closing cost.
- Low down payments tend to require mortgage insurance which will increase the cost of the loan and your monthly payments.
- You don't need a perfect credit score. Some programs will allow you to use utility bills, rent, and mobile phone to show credit history.
- Do not purchase any BIG TICKET items while you're seeking a loan. This will affect your credit score. Wait until after the deal/ transaction has been closed.