What You Need to Know About The
What You’ll Need to Qualify in Today’s Market:
►Downpayment: Generally between 5-20% of the purchase price (40% of buyers are putting down less than 10% – With many putting down as little as 3%)
►Income Verification, Credit History & Asset Documentation
►Impartial Third-Party Appraisal: Your lender needs this to verify the value of the house you want to purchase
►Stable Income ►Good Credit History
You will interact with various professionals during the home buying process, all of whom are valuable resources & perform necessary roles.
Steps to Take:
►ONE. Find out your current credit history & score: You don't want to start out with any surprises.
►TWO. Start gathering all of your documentation: Income Verification (W-2 forms, tax returns, emloyment paystubs), Credit History & Assets (such as bank statements to verify your savings)
►THREE. Contact a professional: A Lender to consult with to review your income, expenses & financial goals to determine the type and amount of mortgage you qualify for. A Realtor to consult with about the entire home buying process, from start to finish.
►FOUR. Talk to your lender about applying for a mortgage & getting the pre-approval letter: This letter provides an estimate of what you might be able to borrow (profided your financial status doesn’t change) & demonstrates to home sellers that you are a serious buyer.
►FIVE. START SHOPPING: Your Realtor will help locate your dream home!
Do your research, reach out to the professionals, stick to your budget & be sure you are ready to take on the financial responsiblities of being a Home Owner.