THE RESOURCE ROOM
PREPARING TO BUY
Start with readiness, not urgency.
Getting started can happen long before you apply for a mortgage or tour a home. Pre-approval is a lender’s review of information such as income, assets, credit, and debts, helping buyers understand buying power before seriously shopping. Credit profile, debt obligations, savings, and financial consistency can all matter when preparing to purchase. Down-payment requirements vary by loan program—20% is not universally required—so discuss specific options with a qualified lender. Purchase price is only one part of affordability; consider monthly housing costs and your broader financial comfort level.
UNDERSTANDING THE PURCHASE
Know what each step is designed to do.
Closing costs are separate from the purchase price and down payment, and may include lender, escrow, title, prepaid, and other transaction expenses. An offer involves more than price: financing, deposits, timelines, contingencies, credits, and other terms can matter. Inspections and due diligence help a buyer investigate a property; an appraisal is a separate opinion of value in many financed transactions, not a home inspection. Contingencies may provide contractual protections related to investigation, appraisal, or financing depending on the contract. Escrow is the period between an accepted offer and a completed transaction.
PREPARING TO SELL
Prepare the property and the plan.
Before going to market, it helps to evaluate condition, presentation, and possible preparation. Market value is informed by comparable sales, property characteristics, condition, location, and current market conditions. Pricing strategy and presentation work together to support a thoughtful launch. A seller timeline commonly moves from preparation to listing, showings, offers, escrow, and closing. When evaluating offers, sellers may look beyond price to financing, contingencies, timelines, and other terms.
HOME LOAN BASICS
Understanding your financing options.
There isn’t one loan that fits every buyer. Income, credit, debt, available funds, property type, location, military eligibility, and long-term goals can all influence which financing option may make sense. Understanding the basics can help you ask better questions of a qualified mortgage professional.
FHA loans
FHA loans are insured by the Federal Housing Administration and may offer more flexible credit or down-payment requirements for eligible borrowers. Mortgage insurance, lender qualification requirements, and FHA property standards may apply.
Conventional loans
Conventional loans are not insured or guaranteed by a federal agency. Programs can offer different down-payment options, with qualification considering credit, income, debt-to-income ratio, assets, property, and other underwriting requirements. No single conventional program fits everyone.
VA loans
VA-backed loans are available to eligible veterans, active-duty service members, and certain surviving spouses. Potential benefits can include no down payment in many circumstances and no monthly private mortgage insurance. Eligibility, lender, and VA property/appraisal requirements apply.
USDA loans
USDA-backed loans may provide low- or no-down-payment financing for eligible borrowers purchasing eligible properties in qualifying areas. Both borrower eligibility and property/location eligibility apply, so not every rural or suburban home qualifies.
PREPARE WITH CLARITY
Billy works with lending professionals who can help you compare financing possibilities. Some partners may offer an initial qualification or pre-approval process using a soft credit inquiry, depending on the lender, borrower, loan program, and stage of approval. Comparing qualified options can help you evaluate rates, payments, closing costs, lender fees, down-payment requirements, and overall terms. The goal isn’t simply to find a loan—it’s to understand your options and make an informed financing decision.
Loan programs, rates, terms, eligibility requirements, and credit inquiry policies vary by lender and borrower. Guerra Legacy Group is not a lender and does not provide lending or credit advice. Verify current terms and eligibility directly with a qualified mortgage professional.
PLANNING AHEAD
Ready now: establish priorities and next steps. 3–6 months: begin preparing finances, goals, and expectations. 6–12 months: build knowledge and a structured preparation plan. 1–2 years: use the time intentionally to understand options. 2+ years: education today can make future decisions easier. Just exploring: no pressure—start by learning.