Nick Bebout, Sr. Loan Advisor – American Liberty Mortgage
I need to have a large down payment to get approved.
This hasn’t been the case for quite some time. Your down payment will depend on the type of financing that you obtain. FHA mortgages only require a minimum investment of 3.5%, while USDA and VA financing doesn’t require a down payment at all.
I just graduated from college and don’t have two years of experience so I won’t qualify for a mortgage.
Two years of employment in the same field is required to qualify. However, as long as you are currently employed in the same field as your degree, you are in good shape. Lenders will view your time in school as experience, and will typically only require a copy of your degree.
Pre-approval is the same as a pre-qualification.
A pre-qualification is provided based on the information verbally given to your mortgage professional. However, a pre-approval is based on the documentation provided to your mortgage professional. Once your income, assets, and other documentation has been reviewed and verified, a pre-approval is issued.
I’ve had a bankruptcy within the past seven years so I won’t qualify.
This couldn’t be further from the truth. Although there are certain guidelines pertaining to bankruptcies, there are programs that will allow you to get a mortgage as long as it has been at least 12 months from date of discharge, with extenuating circumstances. Keep in mind that guidelines will vary depending on the type of bankruptcy (chapter 7 or 13).
My credit score is too low to get a mortgage.
Depending on your definition of low, a low credit score does not automatically disqualify you from obtaining a mortgage. Depending on the credit bureau, a credit score can range from the 300s, all the way up to the high 800s. Typically a credit score of at least 600 is required for certain loan programs. Alternative credit may be an option for borrowers with no credit score.
Nick Bebout
Sr. Loan Advisor – American Liberty Mortgage
Work Phone: 303-458-3778
Cell Phone: 719-431-1949Work
Fax: 888-220-1108
Work Email: nick@almortgageinc.com