A: While having a good credit score can improve your chances of mortgage approval and secure a lower interest rate, there are loan programs available for borrowers with less-than-perfect credit. FHA loans, for example, have more flexible credit requirements and allow for lower credit scores.
Q: How much money do I need for a down payment?
A: The amount of money you need for a down payment varies depending on the loan program and your financial situation. Conventional loans typically require a down payment of 20%, but there are options available with lower down payment requirements, such as FHA loans (3.5% down) and VA loans (0% down for eligible veterans).
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