What happens if the home doesn’t appraise for the market value?
If you are obtaining financing, the lender would more likely not provide you the loan. You could renegotiate the deal with the seller or cancel the contract. What is the mortgage application process? The process is usually to complete an application for a loan, supply documents to the lender (W-2s, bank statements, tax returns, and an itemization of your revolving expenses), and allow them to run your credit history. Other information may be requested/needed as well. How much money do I have to put down? Everyone’s financial portfolio is different, so this can vary. However, with the assistance of grant money and various other programs available, the range could be from no money down to as much as 20% of the purchase price. Do I have to have money saved beyond my down payment? Yes. Typically three months reserves are required for conforming loans. The reserves can be in the form of liquid assets, certificates of deposits (CDs), savings account and/or retirement portfolios. How long is
