Q & A: With all the changes in the Mortgage industry, can I even qualify for a mortgage?

Even in today’s much stricter mortgage environment, mortgage money is readily available assuming you have reasonable credit and a stable job etc. If  your credit scores are in the 650-700 range and have a small down payment, an FHA loan will most likely be your best option but there are many other determining factors as to what program is best for you.

In addition to your down payment, you will be required to pay closing cost and to establish and escrow account to pay for your future taxes and insurance but in today’s market it is very common to have the sellers pay all or a portion of this cost for you at closing as long as you negotiate this a part of your original purchase contract. 

The difference today is that the lender is going to ask for more supporting documentation in the qualification process than we have in the past and sometimes it might even seem redundant to you.  In addition, investors are very detailed in their review of all appraisals and the appraisal process.

It is very easy to become overwhelmed when financing a home, but if you have the right mortgage professional, this process can be smooth and enjoyable.

If you are looking for a mortgage professional to help you with any or all your home financing needs or have any questions. Please contact me today to discuss your options!

Larry Kowalczyk

Bell Mortgage, a Divison of State Bank & Trust

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