Hi, thanks for the question. There's good news for you — FHA loans require as little as 3.5% down and the entire downpayment can actually be gift funds (it's got to be a gift, not a loan) from family. Conventional loans require as little as 5% down. So, you definitely have options, but you should talk to a mortgage…

Hey guys, I've got to head out to a meeting, but I've had a great time answering all of your questions. Sorry I wasn't able to get to everyone, but if I've got a little time later, I'll try to jump back on and answer what I've missed. Of course, if you'd like immediate information on anything, we're here to help you —…

Hey Patrick, there are no rules for how long you need to stay in your house — it's different for everyone and it's different in every market.

Some documents you'll need include your income statements, tax returns, credit report, etc. Throughout the whole process, you'll need close to 2 dozen documents. For a complete list, check out our ebook, Demystifying the Mortgage Process on GuaranteedRate.com.

First and foremost, get your financial house in order. Check your credit, make sure there are no mistakes and identify areas of improvement. If you do that now, you'll have enough time to better your credit and potentially reduce your mortgage rate. Talk to a mortgage professional to understand what you can afford.…

From personal experience, I know there are a lot of things you can do to increase the value through renovations. We can't make any recommendations because we're not in the reno business, but I recommend reading through your options online.

I can understand that, saving up for a down payment is no joke. Two options that we see a lot of people do (though you'd have to figure out what's best for you): Ask family to help, via a gift, with no expectation to pay it back, or potentially, borrowing against your 401K. But, we highly encourage you to talk to your…

If you qualify and are comfortable paying the higher mortgage payment, I'm a big fan of going to the 15 year loan as it can save you thousands of dollars over the term of the loan.

Mortgage interest and real estate taxes are usually tax-deductable, based on your tax bracket. The best thing to do is to talk to a CPA to find out how much you'd pay.

You can hold title in a variety of ways (for instance, you can hold 60% and she can hold 40%), but you should definitely talk to a real estate attorney to set something like this up. It's very common in today's marketplace.

You can certainly do that; we have programs available (e.g. FHA 203K) and a dedicated division specifically for that type of loan. Also, if the home is owned by Fannie/Freddie, Homepath is a viable option. (With standard loans, you can't roll in construction costs, though)

If you land a salaried job, you can use your base salary to qualify as soon as you get your first pay stub. If you land a commission/bonus-based job, you'll need to be employed for two years.

Absolutely. Depending on your area, you can look into no-cost options. Best thing to do is to talk to a mortgage professional to figure out what you can save.

Roughly 35% of gross monthly income.

Great question, John. Unfortunately, we see this a lot, but there is hope. There are programs available, such as HARP 2.0. Talk to a loan officer to see what programs are available.

That's a tough question. Typically, to use money from a family member (who is not on the loan) as a down payment, it must be gifted to you and there can't be any obligation to pay it back. You may even be required to provide a letter from your family member proving it was a gift. An alternative is to add the family…

See below for my info on the down payment, but generally, you'll need at least 3.5% (of course, more is helpful). Factors in getting a low rate are your downpayment, your credit score and your income. MyFICO.com does a great job of giving you info on your credit score and how to bring it up. Beyond that, we've got a…

Thanks for your service, I'm sorry to hear you're having such a hard time. Get your loan officer to write a stronger pre-approval letter: It should be very clear that you're qualified for the home and alleviate any concerns from the seller. Good luck and let us know if we can help in any way. We'd be happy to go to…

Congrats! Typically, it takes about an hour if there are no issues.

If you're looking to pay down loans quicker, a 15-year fixed rate could be the way to go — interest rates are approximately .5 lower. You'd save thousands in interest and pay the loan off much faster.