Nope.

Many programs exist which allow for down payments as low as 3%. Ask your qualified loan officer for more information on these programs.

Not so.

It helps, but you can still get a loan with a 620 score and a little money down. You may have a few more underwriting conditions than a 700 score borrower but it is still very possible.

Bad Idea!

The best interest rates are only available for the highest credit scores. It can take time to qualify for a mortgage especially if there are issues that need to be corrected. It is to your advantage to start the qualifying process early in your home search.

Not Recommended.

Waiting for the “bottom” of the interest rate markets is just as difficult to determine as waiting on the “bottom” of the real estate market; however, trying to sharp shoot interest rate lows could, in the end, be more costly and dangerous. History shows us that when rates turn in the wrong direction and start going up, they do so very quickly, and you can suddenly find your anticipated mortgage payment out of your affordability range, thus preventing you from buying a new home.

While the government, the Federal Reserve, and the rest of us would like to see long term rates fall to further, it is impossible for the government and/or Federal Reserve to guarantee that it will happen. The reason is that the nature of mortgage rates are derived from the security markets, so it is wise that you act now and take advantage of the lowest interest rates in 50+ years.

Besides, you know how much you save monthly with an interest rate .25% lower? About 25 Bucks (depends of your loan amount of course). Worth it? Your call.

Actually…

That is what an FHA 203K loan is for. It will allow you to purchase the house “as is” and escrow for repairs. You can even get appliances with this loan.

Nuh-uh.

It's true that lenders' underwriting departments do require extra documentation these days but it is still very possible to get your loan through. Assuming you don’t have anything to hide. (You might wanna call your old history teacher, just to be safe)

Maybe you can.

Your credit history, after a short sale or foreclosure, is very important in these cases. Plus, there might be extenuating circumstances in your particular situation that may be taken into account. It only takes a few moments with a reliable lending professional to find out if your individual situation will allow you to qualify.

Not Recommended.

While this strategy was an easy and practical one in days of yore, not so much today. In the past, you would have had a bunch of choices when shopping rates. Competition was fierce, and credit was loose, so hunting and pecking for the lowest rate was easier.

Since the mortgage melt down, competition is not as fierce, and credit is very tight. Movements in the interest rate markets have been so volatile over the last year that, should you receive a quote in the morning of any particular day, the quote could very well be no good by the end of the same day. You'd have to receive quotes from each mortgage professional and/or company you are considering on a daily – even hourly – basis if you're making a decision based solely on an interest rate.

In today’s market, you need to interview the prospective mortgage professionals in order to determine who will be best suited to meet your overall wants and needs at the highest level. Be sure to ask the professional what tools and resources they rely on that will insure that they will be getting you the overall lowest cost loan.

More importantly, make sure the professional has a company behind them that has the staff and systems in place to insure that the process goes smoothly, closes on time with anticipated terms, with no surprises, and funds your loan at closing. There is little worse than arriving at your closing only to discover the money is not there.

Remember, depending on your loan amount, saving even .25% on your interest rate might only be enough greenbacks to buy yourself a few lattes every month.

Woah!!

It ain't over till the fat lady sings. Mess with your credit at all before you close and fund your mortgage loan and you may no longer qualify. I said may. Whatever you do, check with your mortgage professional first, or you could really, really regret it.

Well…

That one's actually true. Careful.