Buying a home and choosing a mortgage starts with asking a lot of questions. To help you out, we have put together answers to some of our most frequently asked questions about applying for a mortgage.
A: New Frontier Financial Inc. makes the lending process fast and easy, allowing you to apply for a mortgage with the traditional application process or by using bank statements, depending on your financial situation.
Our large network of lenders allows us to connect you with many different types of mortgages, including conventional loans, jumbo loans, FHA loans, VA loans, hard money loans, and more.
Our Owner & CEO Martha Walters worked in the real estate industry prior to getting into mortgages, so we can answer your questions about home loans and real estate.
A: You might be thinking that you can only buy a home if you have 20% to put down on it. But many people purchase homes every day without making a 20% down payment.
In fact, it is possible to qualify for a conventional loan with only 3% down. The down payment for FHA mortgages can be as low as 3.5%. And if you are a veteran, active duty service member, or eligible surviving spouse, you might be able to buy a home with a VA mortgage with zero down.
If you are having a difficult time affording your down payment, we can help you find programs in Texas that can help you.
A: The credit score requirement to successfully apply for a mortgage depends on the type of loan that you are trying to qualify for.
FHA and VA mortgages are designed to be flexible with respect to credit requirements. So, if you do not have a perfect credit score, one of these types of home loans may be ideal for you.
A: The interest rate for which you qualify will be based on your credit score, debt-to-income ratio, income, and other financial factors. The more competitive those factors are, the more affordable your interest rate is likely to be.
The size of your down payment can also influence your interest rate. If you are able to make a larger down payment, that might help you too decrease your interest rate.
A: The exact amount you will be approved to borrow will depend on the factors we just discussed above. The only way to provide you with an estimate is to go over your financial situation during your consultation.
Regardless, if you have a strong profile as a borrower, you should be able to purchase a beautiful home. First time home buyers with solid financial situations can sometimes even successfully apply for jumbo loans.
We hope that the information above helps you to understand more about what you can expect when you are applying for a home loan.
To get personalized answers to your questions, please call (469) 886-8300 to schedule a consultation. Whether you are purchasing your first home or your next one or you are seeking a refinance, we look forward to helping you get the financing you need to achieve your goals.
New Frontier Financial Inc. NMLS ID 841930 is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.