Some of the most frequently asked questions about home buying include:

Home Buying FAQ

How much money do I need to put down to buy a home?

How much money you put down depends on a variety of factors, including the type of purchase you are making (standard sale, short sale or foreclosure sale); the price of the home you are purchasing; and yes, your credit score. For an FHA loan, the minimum down payment is 3.5%; for a conventional loan, the down payment may be as much as 20%. When you speak with us for a home buying consultation, our Orange County mortgage professionals can calculate the likely down payment you will need to make.

Do I need to have good credit to buy a home?

Not Always. In today’s more cautious lending environment, you will need to have a FICO score of 620 or higher. This is the industry standard based on a 2010 act that raised the minimum credit score to qualify for an FHA loan to 620. Some lenders require your score to be even better, some as high as 660. Fortunately, our Orange County mortgage lenders are not one of them. We can discuss the prospect of buying a home with borrowers whose FICO scores are 620 or higher.

Can I buy a home after bankruptcy?

Buying a home after bankruptcy is possible, but the law requires you to wait a period from the date the bankruptcy was discharged (not filed, but discharged). If you don’t know your bankruptcy discharge date, contact the legal professional that filed your bankruptcy to ask).

Can I buy a home again if I have foreclosed in the past?

The time you must wait before buying a home after foreclosure depends on the specifics of your situation. If you defaulted on your first home loan due to economic hardship and your attempts to remedy the situation are documented, then a waiting period along with meeting down payment and credit repair criteria may be sufficient to borrow again. However, those who “walked away” from their first mortgage face a tougher road. Contact our office to discuss the details of your foreclosure and explain the state of your current economic circumstances.

If you are ready to discuss your personal home buying questions, contact Home Loan Solutions today to speak with a mortgage professional. Our Orange County mortgage lenders can help you explore all possible options for purchasing a home.