Answers by Rob Warren

Marry the House & Date The Rate is referring to the fact that the rate is "temporary". If rates drop, you can always refinance the mortgage. The house is long term.. don't miss out on a house while waiting on rates to drop. Buy the house you fall in love with NOW before someone else does.

Typically mid 600's is doable in most cases. The lender will also consider your income to debt ratio and assets available as well. It's really based on the overall risk factors. I have seen many people become homeowners with scores in the mid and low 600's recently.

There are quite a few down payment options out there for first time buyers. I recommend you check with a lender in your area to see what is available for you. Having good credit is a huge plus.

Yes, most lenders can issue a preapproval nowadays with a soft credit pull.

New lines of credit usually means a new credit inquiry. That CAN lower your credit scores. Also when you open a new line or even do a new credit inquiry most lenders are notified and will require more detailed info on the account you opened. Debt ratios will need to be updated if you have a new payment and sometimes a statement for the new account is needed. This can cause a delay in your closing.

The loan guidelines for those 2 programs is different. In many cases a heloc can be looked at as riskier for the lender because of the flexibility of the credit line and typically interest only payments being available. A refinance usually falls under fannie or freddie guidelines and is underwritten by automated underwriting for risk evaluation.

That mainly depends on your Zoning rules for where you live. I would check with city/county zoning departments.

You may be approved for $x amount, but the most important number is what your budget allows. You know how much you are comfortable paying and you know ALL your expenses. Just because you CAN buy $475k home, doesn't mean it's what you should buy.