There is a lot of misinformation floating around regarding mortgages. By debunking the following mortgage myths we hope to help new home buyers better understand and approach the home buying process.
Mortgage Myths Debunked
1. Minimum Down Payment is 5% – There are a number loan programs available that allow home buyers to put down less than 5%. Contact a licensed mortgage loan officer to discuss low down payment options (including FHA) and no down payment options (USDA and VA).
2. Bankruptcies Not Allowed – Each loan program has specific requirements regarding the length of time that must have passed since the completion of your bankruptcy. Contact a licensed mortgage loan officer to determine which loan program is best for your unique financial situation.
3. Pre-Approvals Guarantee a Complete Loan Approval – While a pre-approval indicates you are qualified for a mortgage, a number of things can derail your financing before your actual closing date. During the formal loan process, underwriters thoroughly check your income, assets, and debt. If you run up credit card balances or lose your job before closing – your financing can fall through. Be careful with your finances during the loan process to ensure a smooth closing.
Addtional Resources for New Home Buyers
Are you a new home buyer in need of additional information? Check out first time home buying resources and additional information on mortgage myths below:
- Get Pre-Approved for a Mortgage
- Tips for First Time Home Buyers
- First Time Home Buyer Mistakes
- More Mortgage Mythbusting
Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.