Home Buyer FAQs

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

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 loan you are applying for (Conventional, Jumbo, FHA, VA); 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 can be as little as 3%. We also offer down payment assistance loan programs. When you speak with us for a home buying consultation, a mortgage professional 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 lending environment, you will ideally need a middle FICO score of 620 to have access to a broader range of options. In some cases, we can go lower, but 620 is industry minimum standard score. We can discuss the prospect of buying a home with borrowers whose FICO scores are 620 or higher, or even if they are lower, please give us a call so we can analyze your situation and give you a road map to improving your score.

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). You may be able to purchase a home sooner than you think.

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

The time you must wait before buying a home after foreclosure and/or short sale depend on the specific loan program you are applying for. Contact our office to discuss the details of your foreclosure and/or short sale. Depending on your specific loan scenario, we may be able to approve you for a home purchase quicker than you had anticipated.

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