Property Q&A in Roswell>Question Details

Rosetta, Other/Just Looking in Roswell, NM

if you have a 10% down payment, do you still have to get pre approved?

Asked by Rosetta, Roswell, NM Sat Apr 18, 2009

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Rosetta –
You want to start working with a lender as soon as can. I recommend that home buyers should talk with a lender before they start looking for a home so they know exactly what their budget is. A good Loan Officer or Mortgage Broker should be able to do a pre-qualification quickly and with little pain. One thing to keep in mind is that down payment is just one part of the lender puzzle; they need to see your total financial situation. Yes, it is more difficult to get a loan now than it was a few years ago but loans are being made to qualified buyers with no problem. One note… be sure to be forthright to lenders about your finances. They look at everything and the underwriting process is more strict than in the past. Good luck with your home shopping.
0 votes Thank Flag Link Sat Apr 18, 2009
You will still need a pre approval with 10% down. The pre approval gives an idea of the amount you may purchase and allows you to narrow down your home search.
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0 votes Thank Flag Link Sat Apr 18, 2009
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