Nationwide Mortgage Bankers is proud to be recently featured on Redfin! Read the full article here and an excerpt of the article below:
Buying a home is a big deal and can be an overwhelming and sometimes stressful experience, especially if you are a first-time homebuyer. In order to help you navigate the process, save money and avoid common mistakes we asked experts from across the country, from Florida to Michigan to Oregon, to share the questions they are asked most commonly by first-time homebuyers and their answers to these questions.
What is the minimum down payment needed to purchase a home?
A minimum down payment is similar to the minimum credit score; it’s determined by the loan program you would qualify for and each one has its own requirements. Veterans and surviving spouses of members of the armed forces can take advantage of 100% financing which requires zero down payment. If you have a minimum of a 580 credit score, an FHA loan will allow for a 3.5% down payment. Finally, if you’re a first-time home buyer with credit over 620, you may qualify for a conventional loan with as little as 3% down.
How much can I afford to spend?
The amount you can afford to spend varies depending on your credit score and income, however, many mortgage companies offer a variety of special and unique programs that are suitable for borrowers of all walks of life and financial circumstances. With market rates where they are today, it is an excellent time to buy or even refinance your existing home. –Nationwide Mortgage BankersÂ
Since you might have your mortgage for up to 30 years, it’s important to make sure you’re aligning yourself with a knowledgeable, approachable lender. Especially as a first-time buyer, you will feel more at ease working with a bank you can trust.
At Nationwide Mortgage Bankers, we strive to provide our borrowers with a transparent, personalized experience. For more information on the mortgage process, or to find out more about our mortgage products, view our diverse offering of Services, and Get Started on your home loan pre-approval application today.
