Frequently Asked Questions
The size of the mortgage you can afford depends on a number of personal factors, including:
- Your credit score
- The amount of your down payment
- Your annual income
- Your total assets and debts
- Co-signers on the mortgage who can contribute financially
Having a high credit score, a healthy income, and manageable debt can help you afford a mortgage that’s right for you.
You can increase your mortgage preapproval amount by making these changes:
- Increase your annual income (through raises, new roles, freelance work, for example).
- Raise your credit score by making consistent monthly payments, if you aren’t already.
- Pay down or consolidate debt to demonstrate you have the income available to spend on a mortgage.
- Lower your mortgage payments by choosing a longer term to repay your mortgage over a longer period of time.
You may be eligible to receive down payment and closing cost assistance through our assistance programs and grants, including B M O’s Welcome Home Grant Program and Veterans Program. If you’re unsure if you meet the requirements, our Mortgage Bankers are always happy to speak with you.
There are also a few federal assistance programs as well as a range of state-level programs:
- Federal Housing Administration (FHA) loans
- State-level assistance programs
- Vouchers for first-time homebuyers
You can find the complete list of assistance programs on the Federal Government’s website. You can also search the NCSHA website for your state’s housing agency and related assistance programs.