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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.

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Updated: 11/20/18 @ 8:43 AM

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