FAQs Homeownership
| Q. | How much down payment will I need in order to buy a house? |
| A. | That depends on the price of the house, the type of loan you wish to get and several other factors. For instance, FHA loans require only 3.5% down payment. |
| Q. | I have accumulated a lot of student loans while in college. Can I still buy a house? |
| A. | Possibly so. Of course, it will depend on your overall debt burden, monthly income, credit rating and other factors. |
| Q. | I know that my credit is not as good as it should be. Will I still be able to become a homeowner? |
| A. | Quite possibly. Credit is important and there are ways to improve your credit scores. |
| Q. | I've heard that there are "programs" to help first time homebuyers with down payment and closing costs. How does that work? |
| A. | There often are various programs available from governmental agencies, nonprofits and local banks. Often, this aid is geared to certain income levels. |
| Q. | I've heard that there are sometimes grants or other types of assistance for first-time homebuyers. |
| A. | Yes, there may well be some sort of assistance available when you are ready to buy. |
| Q. | Last year I filed bankruptcy. My friend said now I will never be able to buy a house. Is that true? |
| A. | Not at all. You will have to wait several years during which time you must re-establish your credit. |
