The Top 5 Mortgage Q&As

Updated: Apr 20

Are there any down payment assistance programs available?

Yes, we have down payment assistance programs here at Supreme Lending. We actually have a program called the Supreme Dream FHA 100 that could give you up to 3% or 5% toward your down payment and/or closing costs if you qualify. Contact your loan officer today so they can start the pre-qualification process today.

What is the minimum down payment I need to purchase a home?

There are 4 main types of loan programs that are available to homebuyers. These include VA, FHA, Conventional and Jumbo. Each loan program has different down payment requirements. That’s why it’s best to speak a licensed Loan Officer that can go over your specific situation to discuss what the down payment options could be. If you qualify for VA financing, you could qualify for no down payment; FHA financing minimum down payment is 3.5%; Conventional can go as low as a 3% down; and at Supreme Lending we have Jumbo financing options that require as little as 10% down.

What credit score do you need to purchase a home?

Here at Supreme Lending, we have a loan program that will allow for as low as a 580-credit score. There are other qualifications to be met, however, we do not charge up front to review your credit report and application with you.

Want to buy a home, but I don’t know how to get started!

Searching for mortgage information online can get confusing. It’s best to start the pre-qualification process with an experienced licensed Loan Officer. They should be able to understand your mortgage financing needs and provide you reviews from their past clients.

I don’t have any money in my checking or savings account. Can I still buy a home?

Yes, it may still be possible to purchase a home if you don’t have any money in your checking or savings accounts. We have a variety of down payment and closing cost assistance programs. We would first want to review your full situation and determine what down payment program you could qualify for. Other sources of money could include gift funds from a family member, or even a potential loan or withdrawal from an investment account, if allowed. It is my job as a Loan Officer is to review all options available to help you get into the home of your dreams.

Please contact The Schmidt Team at Supreme Lending or call 858-336-5200 with any questions you may have about this blog or our Supreme Lending loan programs.

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