Home Purchase FAQ
If you are a military service member, veteran or surviving spouse of a veteran, you may be eligible for a VA loan.
Some home loan programs may allow homebuyers to use gift funds to help cover part of the down payment.
Not necessarily. Your credit score is only one of the factors taken into consideration when you apply for a home loan. We also review your employment history, income, debt and cash reserves.
A second home is a home you have for your exclusive use and enjoyment at all times. It is not subject to any timesharing or shared ownership arrangement or to any agreement that requires you either to rent it or give any other person any control over its occupancy or use. An investment property is a property that you don’t personally use as your residence. It is purchased or used for the purpose of generating income (e.g., through rental) or profit (e.g., by fixing up and selling at a higher value). This could be an apartment, condominium or single-family residence. (Additionally, a home you own that is used by a relative (e.g., a parent, a child, etc.) as his/her primary residence is your investment property.)
If your loan amount is more than 80% of the home’s appraised value, you will be required to have PMI. This protects the lender if you default on your loan.
Generally between 5 and 20% of the home’s value.
No. You can get prequalified or preapproved now and narrow your search by knowing how much home you can buy.
We offer the choice of an FHA loan or a conventional mortgage of up to 30 years for the purpose of purchasing an existing manufactured home. ditech’s manufactured mortgages cover both the home and the home site.
If you’re a ditech customer, you can find the answer in your SmartWatch report. To view your report now, log in to MyAccount.
With preapproval through PURCHASE POWER Plus, we verify the information you provide about your finances. We then provide you with a commitment letter that states that, subject to certain conditions, you will be approved for a specific loan amount and loan program. This allows you to shop with confidence, as sellers often prefer buyers who are preapproved when they bid on a home. Get preapproved now – call a Home Loan Specialist at 1-800-700-9212.