Conventional has a first time homebuyer program that requires a minimum of 3% downpayment. FHA requires a minimum of 3.5% downpayment. The middle credit score and debt to income ratio will determine which product best fits you.

Debt to income is the total amount of monthly payments on your credit report divided by your gross monthly income.

Front end ratios are your total mortgage payment including taxes, insurance and Mortgage insurance (if applicable) divided by your gross monthly income.

Back end ratios are the total amount of monthly payments on your credit report divided by your gross monthly income.

Earnest Money (applied toward closing costs), home inspection, appraisal(applied toward closing costs) gas money.

Closings typically take 21-30 days provided your mortgage consultant does their due diligence.

Discount points are essentially mortgage interest that are prepaid upfront at closing. Typically, one point costs 1% of the total mortgage, and permanently lowers the interest rate anywhere from 0.125% to 0.25%, depending on the type of mortgage.

Typically an investment home requires a 20% downpayment where a second home requires only 10% downpayment. In order for the home to be deemed a second home it has to be a certain distance from your primary home. Ex - mountain or beach home.

Qualifying scores can go all the way down to 580 however it will depend on payment history and any collections or charge offs. A standard entry point to ensure a successful closing is 640 mid score.