Whether It's Your First Home or Your Fifth , I'll Always Give You the Highest Quality Service and Be There with You Through the Entire Process. Minimum down payments vary according to the price range and mortgage program.
Some programs require no down payment.
There are also programs where the entire down payment can come from a gift. A pre-approval is when you actually file an application for a mortgage, the information is verified, a credit report is obtained, and reviewed by a mortgage underwriter. A written approval is issued up to a specific dollar amount, contingent upon a satisfactory sales contract and appraisal. A pre-approval is merely an interview between you and a mortgage lender, where the lender determines a price range based upon the information you provide them. Typically, the loan process takes approximately 30 days.