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Direct Rate Mortgage does FHA loans in Grapevine, TX with as little as 3.5% down payment

Direct Rate Mortgage does FHA loans in Grapevine, TX and surrounding areas with as little as 3.5% down payment (down payment can come from gift funds), USDA loans for 0% down, VA loans for 0% down, and 3% down conventional financing.  Contact us for details. A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about buying a home, so my job here is to remove fear from the mortgage process for you. A specific cause for concern tends to be mortgage qualification.

For many, the mortgage process can be scary, but it doesn’t have to be!

In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history.

Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.

Once you’re ready to apply, here are easy steps to follow:

  1. Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® of all closed loans in September was 731, according to Ellie Mae.
  2. Start gathering all of your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
  3. Consult with your lender – he or she (hopefully, Direct Rate Mortgage) will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.
  4. Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) and demonstrates to home sellers that you are serious about buying!

Bottom Line

Do your research, reach out to Direct Rate Mortgage, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.

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