How Much Money Down Payment Money Is Needed On A Mortgage
This video explains how much down payment money is needed on a mortgage depending upon the different loan products. Not sure which loan product you need? No problem. We explain everything in this video.
First step is to apply here and start the mortgage process today. Receive a call back from a licensed loan officer within the hour. Rather yet, pick up the phone and call us now at 602-358-8717. For the approval, we need to verify your income, assets, and credit report. One does need to be continuously employed for the last two years. A 580 fico score is the minimum requirement on an FHA loan. However, if your score is less than 580 we can get you approved if you can put 10% down and providing your fico score is no less than 550.
Next, we will issue the prequal letter. At this point, you will give your prequal letter to your real estate agent. The real estate agent will search for properties within your budget range and the street boundaries that you provide. You the client will review the properties and choose the properties you want to tour. You may either tour these properties online or in person. This is up to you. However, in person is better. Short on cash to close? Have your loan officer write your prequal where the seller is paying some or all of your closing costs and prepaid items.
What’s The Difference Between Closing Costs and Prepaid Items:
Closing costs items are your bank fees, credit report fees, appraisal fees, title fees, and originator or discount fees if applicable. These fees do not change once the lender is selected unless there is a change in circumstance. Prepaid items are variable items that can change. These fees include your real estate tax bill and home owners insurance impound account. It also include the days per interest charge on the new loan starting the day after the loan funds through the first of the following month.
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