You need Patience, Good taste, Lots of time to look for a home in your price range and location.
And experienced Realtors that will cover your assetsâ€¦â€¦.. All the way through the home purchase process with understanding explanations for you as a first time Buyer.
Can we confidentially talk?
All the Best, John + Sheri RE/MAX 215-757-2889
Homeownership can be beneficial if the investment makes sense to the product you are purchasing, or it can be a money pit treadmill. If the economy has taught us anything it would be to use your hard-earned dollars wisely in an effort to not repeat the cycle of debt hardship. Good luck to you!
In order to qualify for a mortgage you need a decent credit score. For most first time buyers that score should be 620 or higher. If you have a large downpayment your score can be lower and you still should be OK. Also you need to have sufficient income to qualify for the mortgage. In other words, all of you monthly debt and new mortgage payment (incl taxes and insurance)should be less than 45% of your gross income.
There are lots of other mortgage guidelines that may affect you so you should contact a good mortgage lender first. If your credit is weak stay away from credit unions and your local bank. They will waste your time and turn you down. You need someone to show you where you need to be and help you get there.
Give me a call. This is what I do best.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
267 971-9373 cell
215 335-6900 office
We should be having a confidential conversation for your own protection and interest.
Feel free to call us at 215-757-2889
We've been doing this over 17 Years
All the Best John Curci RE/MAX Properties
Congrats on your decision to buy a home.
Your best bet would be to contact your current bank (or a referred bank) about getting pre-qualified for a mortgage. The bank will take a verbal application, check your credit, and run it through their automated underwriting system.
This allows you to see what you do and do not qualify for when looking to buy a home. One step further would be to get pre-approved for a mortgage. This is where the bank does everything I previously mentioned, but they also check your actual sources (e.g. recent pay stubs, W-2s, asset statements, etc.).
If you need help, please let me know.
Timothy M. Garrity | REALTORÂ®
U S Spaces, Inc. | #RS314897
267-879-2716 - Call & Text
Unless you are applying for a special program or a VA loan, you will need 3.5% down for an FHA loan or 5% down for a conventional mortgage loan. There will also be closing costs that you and your Realtor may be able to negotiate for the seller to pay in part or whole. Closing costs will vary but will likely be around $5000 on a$250k home. Closing costs are in addition to your down payment on the loan.
For most lenders, you will need a credit score of 620 or above. There are some execeptions to this but in the current lending climate, 620 or above is a very good benchmark. Finally, there is PMI or private mortgage insurance. This is required by some lenders when you put down less than 20% of the loan value on the mortgage. This can sometimes be avoided by getting two mortgage loans that together, prevent either lender from carrying an 80% or more portion of the total loan value. This is not uncommon. Otherwise, PMI will be added to the monthly payment and will be used to protect the lender in case of default.