How Much Do You Know About Buying A Home In Today's Market?

Have any home buying questions you'd like us to help you with?

If you need a mortgage to purchase, talking with a lender is a very important step before looking at home.

• A.

  True – Pre-approval on a mortgage provides information you need to find a dream home that falls within your budget. In addition, most sellers will not accept an offer not accompanied by a pre-approval letter. So, not having one in advance could cost you valuable time, and possibly your dream home.

• B.

  False – Pre-approval, shmee-a-pooval

 What is the minimal credit score required for a mortgage when buying a primary residence?

• A.

  At least 700 – the closer to perfect, the better

• B.

  At least 320

• C.

  At least 540

• D.

  At least 600 

No bank will provide a mortgage for a manufactured home.

• A.

  True – Manufactured homes do not qualify for mortgages, because they can be moved and therefore are considered too risky for all banks.

• B.

  False – As long as the manufactured home is being purchased WITH LAND, and meets certain other criteria, there are some banks that will finance a manufactured home purchase.

What is typically the minimal amount of down payment required on a primary use residential home?

• A.

  20% or more

• B.

  10 to 15%

• C.

  3 to 5%

What is typically the lowest purchase price a bank will finance through a mortgage?

• A.

  $100,000

• B.

  $50,000

• C.

  $20,000

• D.

  There is no set dollar amount

Using a REALTOR is typically free for a buyer, so there is really no reason not to hire one.

• A.

  True!! In our marker, and in most, there REALTOR commission for both buyer and listing agent is typically covered in full by the seller. So, as a buyer you should take advantage of this great benefit by hiring an agent that will work for you and with your interests in mind.

• B.

  False – Seller pays commission for the listing agent, and a buyer pays commission for the buyer agent.