Frequently Asked Questions
Can't find the answers that you're looking for? We've shared some of our most frequently asked questions to help you out!
Homeownership FAQ
How much money do I need for a down payment?
The amount for a down payment typically ranges from 3% to 20% of the purchase price. The specific amount depends on factors such as loan type, credit history, and lender requirements.
What is a pre-approval, and why is it important?
A pre-approval is a lender's assessment of your financial situation to determine the loan amount you qualify for. It's important as it helps you understand your budget, strengthens your offer, and demonstrates your seriousness as a buyer.
What are closing costs?
Closing costs are fees associated with finalizing the home purchase, typically ranging from 2% to 5% of the purchase price.
Do I need a real estate agent?
Hiring a real estate agent is recommended for their market expertise, access to listings, and assistance throughout the process.
Should I get a home inspection?
A home inspection is highly recommended to identify potential issues and make informed decisions about the property.
How soon can you buy a home after filing for Bankruptcy?
You can be approved for FHA loan two years after your discharge date.
Bankruptcy FAQ
How often can you file for Bankruptcy?
| Plan to file Chapter 7 | Plan to file Chapter 13 |
| Previously Filed Chapter 7 - Eight years | Four years |
| Previously Filed Chapter 13 - Six years or less | Two Years |