Q. What is the minimum credit score I must have in order to get approved for an FHA or VA loan?
A. In general, the minimum Mid-Credit Score for each borrower should be 640. There are certain instances that may allow a Mid Score down to 620 but that is on a case by case basis and should be discussed with your Cendera Funding Loan Officer.
Q. Once I have an Executed Sales Contract, how long should it take to get my loan application processed and closed?
A. The average processing time for Cendera Funding (application to funding) is 3-4 weeks.
Q. Is an appraisal the same thing as a home inspection?
A. No. The appraisal is used to ascertain value of the home being purchased or refinanced. The home inspection is used to determine the condition of the property and the systems within the property: HVAC, appliances, basic plumbing, foundation, roof, etc.
Q. If I’m buying a property in the $200,000 range, how much money must I have available for down payment & closing costs?
A. In most cases, if the borrower is wanting to put minimum down, the best product available would be an FHA Loan (if borrower is not a Veteran). FHA requires only 3.5% as a down payment which must come from the buyer’s own funds. All other closing costs and pre-paids can be paid by the Seller, not to exceed 6%, if the Sales Contract is so negotiated.
Q. What is the Number 1 advantage of using a Cendera Funding Loan Officer who is affiliated with my Century 21 Judge Fite Real Estate Agent?
A. The Loan Officer is readily available and on-site at your Real Estate Agent’s Office!