The real estate environment is never stable, and we can find varying trends in this sector. Similarly, the interest rates for real estate mortgages are also never stable. You may notice an increasing or decreasing rate. From FDA loan to VA loan, there are several financing options for buying a house. You can know the loan details from a mortgage lender in Colorado. However, you can find several myths, related to conventional home buying mortgage.
20% down payment- It is must for every home buyer
Although 20% down payment enables you to avoid mortgage insurance, there is no obligatory rule. Based on the loan program, you can find a variation to this down payment. For instance, it is only 3% down payment, needed for FHA loan. To get most of the conventional loans, it starts from 5%. There are also loans, having no need of a down payment.
You must have high credit score
For some loan programs, your credit score has to be at least 580. Although credit score is one of the important factors to take a loan, you may be eligible for a conventional loan. You may also speak to Mortgage Lender in Colorado to know whether he has set any eligibility criteria. The lenders may also focus on your monthly debts, income and your rent payments on the past months. These factors play a role in getting the chosen mortgage.
You have to do a permanent job to get a home loan
It is another myth among the home buyers. The self-employed persons, contractors, freelancers and employed office workers have the chance of applying for mortgage. However, based on your status, you need to submit the essential documents.
Thus, you must keep away from these mortgage myths. You may look for Mortgage Lender in Colorado to know the details on loan scheme.
20% down payment- It is must for every home buyer
Although 20% down payment enables you to avoid mortgage insurance, there is no obligatory rule. Based on the loan program, you can find a variation to this down payment. For instance, it is only 3% down payment, needed for FHA loan. To get most of the conventional loans, it starts from 5%. There are also loans, having no need of a down payment.
You must have high credit score
For some loan programs, your credit score has to be at least 580. Although credit score is one of the important factors to take a loan, you may be eligible for a conventional loan. You may also speak to Mortgage Lender in Colorado to know whether he has set any eligibility criteria. The lenders may also focus on your monthly debts, income and your rent payments on the past months. These factors play a role in getting the chosen mortgage.
You have to do a permanent job to get a home loan
It is another myth among the home buyers. The self-employed persons, contractors, freelancers and employed office workers have the chance of applying for mortgage. However, based on your status, you need to submit the essential documents.
Thus, you must keep away from these mortgage myths. You may look for Mortgage Lender in Colorado to know the details on loan scheme.
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