Q1: I am a first time home buyer, what is the minimum down payment needed to purchase a home today ?
A1: Today, the minimum down payment needed to purchase a home for a first time home buyer is 3.5% of the purchase price ! For example if you were to buy a house for $500,000 then the down payment needed would be $17,500. All banks today offer the FHA program which can help first time home buyers purchase their dream home without needing to come up with a large down payment !
Q2: What is the needed credit score in order to purchase a home ?
A2: If you are buying a home for the first time, some lenders can provide you a mortgage with a credit score of 580 and up. However, the bank may have more requirements due to the credit score being a 580. Your credit score will determine what interest rate the bank will offer you. The higher the score the better the interest rate will be. We suggest you consult with your mortgage lender in order to determine what is needed to receive the best interest rate.
Q3: I am trying to sell my home and move out ASAP what can I do to expedite the process?
A3: We at Empire Home Sales, offer homeowners who are looking to sell their homes “all cash” offers. This means that we do not need to wait for any financing from the bank in order to close. As a result of not waiting for financing, we can close in the time frame you would like and we would be taking the house in a “as-is” condition. You would not need to touch up or improve the house in anyway!
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Roy Toledano Empire Home Sales 718-570-4151