Not all mortgages are the same – and most buyers need one to purchase a home. It’s always best to speak with several lenders to find the right fit for you.  Just remember, the more you borrow – the more the lender has to say about the condition of the home you’re interested in. Because this blog is meant to get you thinking about this, my door is always open for you to contact me for further details regarding this point.
 
Here are a few samples of mortgage options:
 
FHA, VA and USDA all allow upwards of 96.5% financing - and allow you to roll your closing costs and prepaids (commonly up to 6%) into your mortgage. If you do not have a great deal of money to work with and your credit is at least 640, these could be viable lending options. 
 
More conservative buyers and/or buyers who have saved for their purchase and have good credit may be eligible for a traditional conventional mortgage.  In some cases, interest rates may be lower, and terms may be more favorable.
Some banks even have their own “mortgage product” that mirrors the FHA, VA and USDA options.
 
All in all – start early and research BEFORE you start home shopping.  Once you find your perfect home, you’ll want to make an offer quickly.  The prepared and informed buyers typically win the deal – just like the early bird gets the worm!