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Congratulations! You’re ready to buy a home…


One of the biggest purchases you’ll ever make is buying a home. The homebuying process can seem complicated at times, but it doesn’t have to be difficult. Our goal at F.A.C is to help you find the right home and finance the buying expenses. Whether you’re a first-time homebuyer or a pro buying an investment property or vacation home, you want to be prepared.

Do you already have a home loan? We can also help you refinance your mortgage and save money.

Your funds comes after 24hours of application on Financial Assurance Company.


What is a mortgage?

A mortgage is a legal agreement between a borrower and mortgage lender. The lender provides money to the borrower to purchase real estate, and in exchange, the borrower agrees to repay the loan, plus interest. The mortgage is secured by the real estate — for example, a home — so if the borrower fails to repay the loan, the lender can repossess the home through foreclosure and sell it to pay off the loan.


What you need to know about home financing


Just because you may qualify for a certain loan amount doesn’t mean you should buy a home in that price range. Factor in your down payment, income and existing debt load to determine how much house you can really afford. You need a purchase price and monthly mortgage payment amount that makes sense for your budget.

It’s possible to qualify for some mortgage programs with a credit score as low as 500, but it will cost you a larger down payment and a higher interest rate. Get your free credit score to see where you stand, then take some time to improve your score as much as possible before applying for a mortgage.

Aside from your credit score, there are several factors that determine your interest rate that are within your control, including your down payment amount, loan amount, loan type and location of your home.

You can make a down payment as small as 3%. It doesn’t have to be your own money, though — you may be able to take advantage of down payment assistance or a gift from a loved one.

If you need to finance more than 80% of your home’s purchase price or appraised value and your credit is less than perfect, an FAC Loan may be right for you. If you’re an eligible veteran and have very limited down payment funds, you might consider borrowing a With Us.