Home Loans

Yes, you can. Your credit score is just one of many factors that contribute to the types of home loans and the rates that you qualify for. Your down payment, debt-to-income ratio, work history, and the type of home loan you’re interested in are all extremely important as well. One type of home loan for those with lower credit scores are FHA Loans. FHA mortgages allow the homebuyer to put down as low as a 3.5% down payment AND have less-than-perfect credit. Get an idea of what you might qualify for with our Mortgage Loan Calculator. Standard underwriting criteria will apply.

When it comes to home loans, the interest rate only represents how much it costs to borrow money every year, whereas the APR includes all charges and fees associated with the loan. Therefore, APR is a more accurate representation of the total annual cost of the mortgage. Knowing both is important, but the APR can be an especially useful tool when shopping for a home loan. If you would like to learn more about which loan type is best for you and your situation, talk to us. Our mortgage experts are here to help navigate the details and work with you to find the right loan type and/or program that will work best for you and your family.

When buying a home, the standard guideline is to pay 20% of the home’s purchase price upfront as a down payment. For example, if you bought a $250,000 home, you would need to provide $50,000 for a 20% down payment.

However, some types of home loans require less than 20% down payment. With a lower down payment you’ll pay more interest over time. And, you will likely be required to pay a monthly fee called Private Mortgage Insurance (PMI) until you’ve paid off 20% of your home’s purchase price.

You may also be eligible for down payment assistance in the form of low or no-interest loans, grants, tax credits, savings programs, and more. Standard underwriting guidelines apply.

Talk to us to decide what's the best for your situation.

A home loan preapproval is usually a letter provided by a lender stating how much money they would be willing to lend you for your home purchase.

To apply for a preapproval for a home loan, you will need to complete a home loan application and provide some information about yourself. The lender can then determine how much money you would be eligible to borrow. This is not a guaranteed loan, but it gives you a good estimate of what you can afford. 

A preapproval is often the first step before you make an offer on a house. It demonstrates to the sellers that you’re a serious buyer and have funds in order to make the purchase. Being a preapproved buyer can give you a competitive edge over a buyer who is not preapproved. Standard underwriting criteria will apply.