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Real Solutions For a Real Easy Mortgage Process

Buying a home and applying for a mortgage isn’t for the faint of heart. The horror stories from friends and family, prior experiences, and misconceptions about the process can be enough to keep you from taking that first step. Let’s separate fact from fiction to make it as easy as possible for you to know if you’re ready to take that first step.

1. You may only need to put 3-5% down on your purchase.

  • Many home loans only require small down payments, while some don’t require a down payment at all. Under certain circumstances you may qualify for down payment assistance. According to, the median sales price for homes in the Columbia area is $198,500 (that’s up over 12% from 2020), so a 3% down payment on a home at this price would only be $5,955! Whether it’s 3% or 20%, there are pros and cons to both options which is why we encourage you to let us help you run the various scenarios that you qualify for to see what works best for you.

2. The average credit score of a mortgage applicant is 680.

  • Of course it is true that the better your credit score, the lower the rate you could qualify for. The good news is there are many types of mortgage products out there for many different life situations. Many standard mortgage products require an average score around 680, but other more specialized home mortgage programs will accept credit scores as low as 620. You don’t have to have perfect credit to buy a home. Donna Moses, our Caro Mortgage Lending Officer has been helping members find their mortgage for over 20 years. She’s seen many situations and can assist you in getting pre-approved or getting prepared to be pre-approved.

3. Yes, you may use gifts as a source of down payment.

  • Have friends or family that are offering you their assistance in buying your first home? Almost every home mortgage program from Caro will allow a gift from parents or another related family member to help cover down payment costs. Gifts like this need to be documented during the process to avoid any last minute surprises prior to closing. Caro can help you walk through this process to make sure it is done the right way.

4. You may be ready to buy your first home.

  • Many renters are ready to purchase their first homes. As long as you’ve taken the appropriate steps to prepare for home ownership, you should be able to get a mortgage. Wondering if you’re ready? We’ve prepared a resource for first time home buyers to learn more about the process. Not quite ready? We can show you how to get there. 

5. New job? You can still apply for a mortgage.

  • Most traditional mortgage programs will look at your last 24 months of work history but that doesn’t mean you have been at the same job for 2 years straight. Even if you are self-employed you may still qualify for a mortgage by proving you have been earning an income through your business for 2 years.

6. Recently returned to the workforce? You can still apply for a mortgage.

  • Covid has caused a gap in employment for many, but that won’t automatically disqualify you from getting approved for a mortgage. Some mortgage programs only require 6 months of employment for someone returning to the workforce.

7. Retired? You can still apply for a mortgage.

  • If you are retired, all you need to do is verify your income just like any other mortgage approval process. Many mortgage programs accept a wide range of income sources such as retirement income.

8. A real estate agent can be a valuable asset in the home buying process.

  • Buying a home is usually one of the biggest investments you’ll make. Having an experienced and licensed realtor representing you in the home buying and selling process from start to finish can help you avoid expensive and devastating mistakes. They have access to information and resources not available to the public, are experienced negotiators, and can prepare you for what’s ahead in the complicated process of buying, selling, and/or closing on a home. If you’re buying a home, there’s no additional expense to you as their commission is paid by the person selling the home.

9. We’re here to help you navigate the process.

  • We have real solutions for real people looking to purchase a home. Our mortgage lender, Donna Moses has over 20 years of working with almost every situation imaginable when it comes to the home mortgage process. Yes, the home buying process, especially all the paperwork, can be daunting. There’s a lot that goes into it behind the scenes. We are required by law to verify every item on your mortgage application is accurate and back it up with documentation, but our commitment to you is to do everything in our power to make your home purchase as smooth as possible.

Federally insured by NCUA. Equal Housing lender. NMLS #472468


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