Home Buyer Questions Answered

Homebuyer Questions Answered blogThe process of buying a home can leave you with a lot of questions but what if you have questions before you even consider buying a home? You certainly aren’t alone. A lot of people find themselves wondering if they can purchase a home despite not being as prepared as perhaps they think they should be. The best way to find out if your circumstances prevent you from buying a home is to meet with a mortgage banker or apply online—this process is free and will give you the answers you need! However, if you aren’t quite ready to submit that application just yet, check out some of the questions we have gotten below, maybe you will have your question answered too!

Can I buy a home with a lot of student debt?

It is true that having high debt relative to your income can make you less attractive to a lender which can reduce the chances for getting approved for a mortgage loan. But listen carefully, you can still get a mortgage. Once again, it is possible to purchase a home with student loan debt. You just need to be aware of your options and take steps to make yourself more appealing to a lender. For example, reduce the amount of debt you have in areas other than student loans; pay off credit cards or pay down the debt on your car loan. If you can’t pay down debt, you may be able to refinance other loans and reduce the amount you spend each month. Reducing the amount of money that is committed to covering other debt will free the amount that could go towards a mortgage. Don’t let your student debt deter you from having a conversation with a mortgage lending expert. Stockton Mortgage Corporation’s mortgage bankers are encouraged to look at the whole package that an applicant possesses and would be eager to share the available options for you despite your student debt. Get in touch with a mortgage banker in your area. 

Can I get approved for a mortgage if I’ve been denied in the past?

Getting denied for a mortgage can feel like a devastating blow but it doesn’t mean that all is lost. Afterwards, find out why your lender rejected your request for a home loan. There is a lot that goes into assessing an applicant, likely your mortgage banker can point to the strikes that went against the approval. Once these areas have been identified, you have concrete items which you can work to improve upon—reducing debt, building good credit, or establishing more credit history.

Of course, it is possible that the lender who denied you in the past didn’t have a loan program that worked with your circumstances. Not every mortgage lender or bank offer all the same loan types. Stockton Mortgage Corporation offers several loan options to assist as many buyers as possible with a variety of loans to accommodate most circumstances. Find out more about the mortgage options available to you thanks to our loan programs.

Can I buy a home with no down payment?

Yes! (If you qualify). Stockton Mortgage Corporation offers loan options with 100% financing, meaning the entire purchase price of the home is included in the mortgage and there is no down payment requirement. But like I said in the outset of the answer, there are also qualifications that you must meet to qualify for these loans. Check out our list of loans that do not require a down payment as well as their qualifications.

Still not quite ready to find out if you prequalify for a home loan? That’s fine! Learn more here about the homebuying process!

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