Why should I buy a house?

 Homeownership gives you a sense of self-improvement, satisfaction and pride, puts you in charge of your future and is a powerful tool for building generational wealth.

How much do I need for a down payment?

3% to 10% is enough for a first- time home buyer, but without a 20% down payment, you will have to pay for private mortgage insurance. Active-duty service members, military veterans, and rural home buyers can sometimes access $0 down through U.S. Department of Veteran’s Affairs or the U.S. Department of Agriculture.

How much does Private Mortgage Insurance add to my mortgage payment?

You can expect to pay $30 to $70 a month per $100,000 borrowed, but this can vary.

What should my credit score be to qualify for a loan?

The FICO Score range is:

• POOR   579 or less

• FAIR  580-669

• GOOD 670-739

• VERY GOOD  740-799

• EXCELLENT  800

580 is the minimum score for FHA loan.

620 or better is required for a conventional mortgage.

740 or higher will qualify you for the best interest rates.

How can I improve my credit score?

Here’s some tips to improve your credit:

• First, get a free copy of your credit report by calling 877-322-8228. Make sure the report is accurate and dispute any errors.

• Pay down credit card balances. 30% of your credit is based on your credit utilization rate. This is the amount of available credit you’ve used up.

• Don’t close old accounts

• Pay on time, every time, over time

What should my debt-to-income ratio be?

Most lenders want your total debts to be no more than 43% of your income.

• Use this formula: (Total monthly debts/Gross monthly income) X 100=DTI Ratio