How long does it take to get pre qualified for a mortgage or house loan?

Question

Also can you take out a loan for a down payment on a house and also the total house i have no clue how this works an i got six months to figure it out i found a house i want to live in and buy it is about 145000

Answer

If your a first time home buyer they will let you do a 3% down payment.

Answer

Mine was just about a day or two. I can fax at work, so it was so much easier to get them to email me the documentation, then fax it back.

Answer

This probably isn't much help as I don't know much about how it works either but usually they don't give you the full amount to cover the house so you may need to save up for the down payment or even get a personal loan

Answer

It depends on how smoothly everything goes. You can take out a bank loan for the down payment, but that will count against your debt to income ratio which gets looked at as part of the qualifications. There are some programs/loans that if you qualify, there is no down payment or way lower than the normal 10%. 
There are a lot of things to look at....your credit score, debt to income ratio, can you financially afford that price of a house including all of your other bills and debts, your SOs info (if applicable)....

Answer

Pre approval is quick. Call the mortgage guy give him your info. Name dob ss# address where you work address phone how long how much you make etc. He has to fill out the 1003 form. You will fill it out a ton of times.  It's based on your credit 680 or better. That gives you the interest rate but it is not locked in the rate until you sign the contracts. There's a few options if you don't have enough for closing costs or down payments. You can do a sellers concession. You both pay half and half of the closing costs. Usually around 5-6 grand for closing costs. You pay two deposits. 1000 at contract signing and 1000 after 3 days attorney review which can be time for  negotiations. You will have to pay for an inspiration and appraisal. They will do a cama comparative market analysis within a few miles of the house with the same specs for the value of they can't find a comparable como you may have to put down more of a down payment to lower the price. Another thing you can do to lower your monthly payment is prepay points from the interest rate which are tax deductible. On your taxes you deduct the mortgage interest, property taxes and for the first 20% you pay pmi it's a mortgage insurance that protects the bank of the values drop. You also have to pay homeowners insurance. So make sure you can afford all of this before you get a pre approval they expire and will have to run your credit again which lowers your credit score. Water sewer electric cable. The usually. Some places even charge for trash removal. Get a good down payment and at least 6 grand for closing. Inspection can be 500 or less same with the appraisal. Paperwork to need to get together a month of pay stubs, bank statements 2-3 months. Also if you don't make enough money you can have up to 4 people on a mortgage. Good luck.

How long does it take to get pre qualified for a mortgage or house loan?

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