FHA and VA home loans are on a comeback. With the FHA loans you have to have 3% of your own money (it can be gift money), and with a VA loan you can buy with zero down. From my experience, the more money you put down, the greater the chance your offer will be accepted when in a multiple offer situation.

Buyers should talk to their lender and be pre-qualified before looking for a home. Once they know their mortgage, they know the price range in which they need to look. It’s very disheartening to fall in love with a house that you find out you can’t afford the mortgage, and then everything else in your price range just doesn’t measure up. Also, a mortgage pre-approval letter from your lender should accompany your offer. Most sellers won’t even consider an offer without a mortgage pre-approval letter.

If you need me to put you in touch with a reputable lender to find out your qualification or have other questions about mortgages, feel free to send me an email.