How to get Approved for a Mortgage

Are you wanting to get approved for a home loan but didn’t know how?  I’ll discuss how YOU can buy a home, Right Now!

Many future homeowners I’ve had the pleasure to meet are often confused about how to get approved for a home loan and don’t know quite where to start.  They may not know what kind of credit score they need to have OR how much money they’ll need for a down payment.   Here are just a few perceived obstacles and how Green House Mortgage can get around them.

Credit –  Many believe they need perfect credit to get approved for a home loan.  Although great credit does enhance one’s ability to get approved with more options, it doesn’t mean you can’t get approved.  For example – I can get someone approved with a low score of 550 into an FHA mortgage.  They still only need to put a minimum of 3.5% down to meet FHA guidelines.  And the rates are fantastic!  We’re talking high 3’s to low 4’s depending on the details.  That’s just as good as someone with a 720 score.  Of course those with higher credit scores, you’ll have many more options including a conventional or jumbo loan.

Down Payment –  Most don’t believe they have enough to put down on a home purchase.  Depending on your credit as mentioned just a while ago, future homeowners can put as little as 3%, 3.5%, 5%, 10% or traditional 20%.  Or in some cases you finance 100% of the purchase with 0% down.  Every scenario is different.  However, if you’ve always thought you needed to put a lot down, now you know there truly are better options.

Mortgage Payment –  Additionally many would be homeowners believe that a mortgage payment would be much higher per month vs their current rent payment.  That simply is not true.  Most of the time it’s right at what you’re paying now or just slightly higher than what you may be currently paying.  Regardless, it ends up being worth it because the equity you’re now gaining once you purchase the home.  And that makes home buying easy and a great investment!

Green House Mortgage is a full service home loan origination entity in Tampa, FL and servicing the state throughout – We can do loans anywhere in Florida! If you have any questions regarding this article or simply need mortgage advice please call 813-732-3155 or email us at info@ghmortgage.com. We are dedicated to giving you the best mortgage consultation available. Green House Mortgage – It Pays to Go Green!