Obtaining a mortgage does not have to be stressful!  The First Step is to be Pre-Qualified or Pre-approved with your choice of a lender, to make sure you are searching within your budget.

• Pre-Qualified:  The lender estimates how much you can be eligible to borrow based on information you supply, including debt/income/assests.
  
• Pre-Approved:  The lender can provide more specific loan details / amounts for you based on the  information + documentation / proof  you provide, with an application and a credit check.
  

Determine the Type of Mortgage + Down Payment you prefer.

• Conventional 97:  3.0% down payment  (cannot be multi-unit or over $417,000 and min. credit score 650)
• FHA:  3.5% down payment  (min. credit score 580)
• USDA:  NO down payment  (Fee added to loan at closing, min. credit score 620) aka Rural Housing Loan, since only certain areas qualify.
• VA:  NO down payment;  Available to members of the U.S. Military and surviving spouses.
  
• **With a Conventional Mortgage, putting 20% down removes the need for private mortgage insurance.

Once you’ve chosen a home, you can complete your Loan Application!  The Lender will then provide you a Conditional Approval – Mortgage Commitment, about two weeks prior to closing, that will list any additional information/documents needed.

An Appraisal will be completed within a maximum of 30 days of your offer. The lender will require your payment ($400-500) at the time of ordering your appraisal. The appraiser determines the value of the property, which must be at least the amount of   the sale price on your offer.


PREFERRED LENDERS:

The Michael Mann Team
Fairway Independent Mortgage
Office (610) 432-0900
[email protected]
www.TheMichaelMannTeam.com

Brian Fiore
Residential Home Funding
Cell 703-409-5069
Office 484-821-1315
[email protected]
www.RHFunding.com