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| Mortgage Q&A |
Q: What is the first step to getting pre-approved?
A: The first step is to contact a lender and give them information
about your employment, income and credit so that they may
determine what loan program is right for you and what amount
you qualify for.
Q: What should I have ready when I apply for a loan?
A: Social Security Numbers, copies of bank statements, recent
paycheck stubs, a list of your debts as well as your last 2 years W-
2 forms.
Q: What if I am Self–Employed?
A: There are so many loan programs available for self-employed
individuals with loan to values as high as 95%. Depending on your
credit score the rates can be quite competitive.
Q: What if I am VA eligible?
A: As a veteran you may qualify for a loan that does not require a
down payment and that allows the seller to pay your closing costs.
A certificate of eligibility must be obtained in order to determine
how much you are eligible for
.
Q: As a veteran am I guaranteed a loan?
A: No. You must still credit qualify and income qualify. VA just
guarantees a portion of the loan if you qualify through a lender.
Q: What does 100% Financing mean?
A: That means that you are not required to put a down payment
on a loan but you may still have some closing costs to pay
depending on the loan program.
A: The first step is to contact a lender and give them information
about your employment, income and credit so that they may
determine what loan program is right for you and what amount
you qualify for.
Q: What should I have ready when I apply for a loan?
A: Social Security Numbers, copies of bank statements, recent
paycheck stubs, a list of your debts as well as your last 2 years W-
2 forms.
Q: What if I am Self–Employed?
A: There are so many loan programs available for self-employed
individuals with loan to values as high as 95%. Depending on your
credit score the rates can be quite competitive.
Q: What if I am VA eligible?
A: As a veteran you may qualify for a loan that does not require a
down payment and that allows the seller to pay your closing costs.
A certificate of eligibility must be obtained in order to determine
how much you are eligible for
.
Q: As a veteran am I guaranteed a loan?
A: No. You must still credit qualify and income qualify. VA just
guarantees a portion of the loan if you qualify through a lender.
Q: What does 100% Financing mean?
A: That means that you are not required to put a down payment
on a loan but you may still have some closing costs to pay
depending on the loan program.
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| 703 William Blount Drive Maryville, TN 37801 Phone - 865-977-0770 FAX - 865-977-0789 Each Office Independently Owned & Operated Tennessee License # 00295131 |
