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Bad Credit Funding FAQ

What is the amount I'll need as a down payment?
With there being so many different types of loan programs available, the amount necessary for a down payment will vary. Some options are 5-30% down for a traditional loan, 0% down for some non-traditional loans, and others vary anywhere between. Be sure address this with the mortgage professional that contacts you after filling our on-line form.

How do I know how much can I purchase?
Be sure to to talk to a mortgage or loan officer before looking for a house. If you pre-qualify before you purchase a house, you'll know exactly how much house you can purchase. One of the worse things a home buyer can do is go looking first to only find out they can't buy that wonderful house they found over the weekend.

Is PMI really necessary?
PMI protects the lender from you defaulting on the loan. PMI also allows the lender to offer loans with less of a down payment.

What is GFE?
GFE stands for Good Faith Estimate. A GFE lists a list of "estimated" costs of the loan, including things like closing costs, title fees, and so on.

Do I qualify for a VA loan?
Persons working for the military, now or in the past, and their spouses of fallen veterans qualify for VA loans. VA loans are helpful to those who qualify because they require no down payment.

Who offers the best rates, mortgaeg brokers or bank?
Banks offer quite a few different loan programs, but are restricted to the use of loans the bank supports. Mortgage bkrokers differ from banks because they can go out of network and talk with other lenders across the United States. You may want to check with both resources, a bank and broker, before deciding. Just be aware that each person you check with will run your credit and each time will effect you credit score.

What paperwork will I need for applying for a home loan?
Gather and submit:

  • current mrent or mortgage payment
  • credit accounts with payments and total amount owed
  • banking history
  • income history
  • Social Security number
  • List of investments and other income or benefits

Are there tax benefits to homeownership?
There can be significant tax benefits to purchasing and owning a home. The amount of benefit depends on your financial situation, so you may want to discuss this with your tax accountant before proceding.

Do I need to use a realtor?
In order to tour homes currently on the market, know the price and the specific area market history and to have a person to take care of all the negotiations and paperwork a realtor is a must.

Do I need to check my credit report?
YES, you should. The mortgage company will definitely look at your credit report and depending on what they find you could be turned down for a loan. So checking it ahead of time and fixing any derogatory or incorrect information.

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