Welcome to elite south homes
How to ensure home loan approval
Applying for a home loan is a necessary evil in today's American society. According to Pew Research 97% of first time home-buyers use mortgage financing to purchase their first home! That is intense! So it's my job as your realtor to help ease this process for you.
What credit score do I need? The answer to that question depends on the loan product.
Conventional loans- 620 credit score and 3%-5% down-payment.
FHA- 500-579 credit score and 10% down-payment.
580 and up score 3.5% down-payment.
V.A. loan- no credit score required, 620 credit score preferred. 0% down-payment.
U.S.D.A.- no credit score required, 640 credit score preferred and 0% down-payment.
The credit score is just the beginning of the approval process. When qualifying you for a loan the underwriter evaluates your full credit profile. Having more than 2-30 day late payments on installment debt within a 24 month span can get you denied for a FHA loan!
When you are applying for a home loan keep this in mind. If you need help getting started, contact me.
Our Services
In addition to helping you buy or sell a property, we also offer a range of services to make your real estate experience as smooth as possible. From property management to home staging, we have the expertise to help you with all your real estate needs.