Make sure your finances are in order. A higher credit score will help with the interest rate for your loan.
GET PRE-APPROVED Pre-approval will require a quick meeting with your lender’s loan officer to ascertain the home price you will be able to purchase based on stated income, available funds, and a credit check. At this stage, employment and income are not verified. The lender then produces a letter for you to present at the time of your offer. This letter demonstrates that you have begun the loan process and will be a potential qualified buyer for the seller. Pre-approval is not a guarantee of final loan approval, but is a necessary step prior to finding a suitable home. In a fast-paced market of many multiple-offer situations, many sellers may not even entertain an offer without this pre-approval letter. VILLAGE’s best advice is to get pre-approved prior to beginning your home search.
Your Loan Options
Several types of mortgage loans are available. Your lender will help you determine which is best for you and your circumstance.
Federal Housing Administration Mortgage
Contract for Deed