Getting Started
This document shows a lender the estimated amount you can borrow.
What is a pre-qualification letter?
This is apart of my budget
What is one of my monthly expenses?
This loan program is backed by the Federal Housing Administration.
What is an FHA loan?
Before shopping for homes, buyers should know this number that affects loan approval.
What is a Credit Score?
One important step a Home Buyer is required to do before making an offer on a home
What is have a proof of funds letter?
This score helps lenders determine your loan eligibility.
What is a Credit Score?
How much should I save for a down payment?
What loan program do I qualify for?
This type of loan is available to eligible military veterans.
What is a VA loan?
Buyers should have this document from a lender before making an offer?
What is a mortgage pre-approval?
Lenders use the 3 Bureaus to
What is Check your credit score?
This professional helps buyers find and purchase homes.
Who is a REALTOR?
What type of loan is best for me?
What loan program fits my needs?
This ratio compares your monthly debts to your income.
What is Debt-to-income Ratio (DTI)?
Buyer's are ask for this money to hold the property.
BONUS Question: How much or what percentage %?
What is earnest money?
What is (_____) percent of purchase price?
Homebuyer should do this
What is save for closing cost?
This is the amount of money you pay upfront toward the purchase price of a home.
What is a down payment?
What happens if the home inspection finds major issues?
What are my options during the inspection contingency period?
These costs include lender fees, title fees, and prepaid expenses.
What are closing costs?
Buyers should review this report to check for errors before applying for a mortgage.
What is a Credit report?
All Financial Advisors suggest this
What is establish a budget?
This government program helps eligible first-time homebuyers with down payment assistance in Tennessee.
What is THDA (Tennessee Housing Development Agency)?
How much money will I need at closing?
What are my estimated closing costs?
Paying a larger amount of this can often reduce your monthly payment.
What is a down payment?
According to most financial experts, what percentage of a home's purchase price should homeowners budget annually for maintenance?
What is approximately 1%-3% of the home's value per year?
For down payment assistance you may be asked to
What is complete a home buyer's education course (such as THDA)