As the first lender to respond, let me try to answer your question: "What do (you) need to do to qualify for a mortgage together?"
As mentioned by others, you need to get in touch with a licensed Mortgage Loan Originator--MLO (ask for their NMLS #, as shown in my signature below, and make sure you are comfortable with them) and have an in-depth discussion on your whole financial picture--no one can tell you "You are in good shape and will more than qualify" or "You should have no issue qualifying for a loan", etc. without knowing a GOOD deal more about your situation.
As I like to tell my clients, there are the Four Pillars of Lending: Collateral, Credit, Income and Assets (Double C-IA). The Collateral is the home you will buy and has nothing to do with you qualifying; the appraiser will determine if it qualifies! :)
Credit--You will want to have your MLO pull a tri-merge credit report (includes the three big reporting agencies) and go over it with you. Your credit scores will determine for which programs you qualify and what interest rate and costs you will pay. Have you had adverse events in the recent past--bankruptcy, foreclosure or short sale, etc.? These are just some of the very important missing pieces, needed to intelligently tell you if you qualify. Bad enough credit, and lots of income does not matter.
NOTE: I just posted a blog to Trulia this Thursday on "Credit Scores and Mortgage Interest Rates" which addresses the costs of different credit scores. Please read and give feedback.
Income--Income is King now. It used to be credit scores, back when you could get a loan just based on a high enough credit score. Not so anymore--you HAVE to be able to document enough income to meet all your debts, which is another key piece of information missing from your post. Income is great, but what are your liabilities, as too much debt and, all of a sudden, you are not looking so good.
Assets--Do you have enough money saved over time to meet the costs of the down payment, closing costs and prepaids (taxes, insurance, etc.), along with some reserves to meet the new financial responsibilities which come with every home? Can you show where the monies came from? These are questions which must be asked and supported.
So, to answer your question, you need to get to know a good MLO, discuss your situation, fix any weak spots, and you can then feel confident you are in good shape to qualify for a mortgage.
Bill Parker, Loan Officer
AZ Lic# 09011570
CPA--Licensed, no longer practicing
GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496, EXT 743; (M) 602-565-3646; (F) 480-436-5226
MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.
If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
Gilbert rentals are in demand and are bringing a good price in today's market. We happen to also do Property Management so we understand the rental market very well. We have had interest for Gilbert homes that we have not been able to meet so please let me know what the home is as soon as possible.
Lets put together a plan to find your dream home and rent the one you now live in!
After you qualify for another home purchase I suggest calling a "Buyers Agent" like myself and we go look at properties. I will look out for your best interests and I will see that the purchase and the paperwork go as smoothly as possible.
Please contact me anytime.
John C Johnson "JJ"
Solutions Real Estate
Valley Solutions Team
REALTORÂ®, Buyer's Consultant
Direct (480) 606-2027
eFax 1-(888) 958-2554
The good news is it is free and no obligation. Next, once you find out if you or what you are pre-qualified for I would start a relationship with a local Realtor (one that works your are in Gilbert) and see what is out there.
Best of luck.
I have an excellent lender who I can refer. Feel free to email me Pesqueira2@cox.net and or call/text 480.458.8007and I can send you his contact number. I can also send you his quick loan app to fill out and send to him.
Hope this helps and do not hesitate to call or email me anytime. Good luck!
American Associates Real Estate
Homes | Condos | Investments
Spanish and English speaking Realtor
8930 E. Raintree Drive Suite 200
Scottsdale, AZ 85260
Office 480-458-8007 | Fax 480.767.7200
TEMPE REALTY CO. http://www.TempeHomesCondos.Com
LAVISH PAD BOUTIQUE â€“ http://AZLuxuryHomeBlog.Com
TEMPE REAL ESTATE BLOG - http://TempeRealEstateBlog.wordpress.com
Yes Dreams Come True, Let me Show You!
You look ok assuming your credit report is ok.
This is a good time to buy with the low mortgage rates.
If you need the referral of a lender just ask.
Here are the homes for sale in Gilbert: http://link.flexmls.com/zn089sos4xe,12
Jeffrey Masich, Realtor, GRI, MBA
Arizona Homes for Purchase or Sale
Carlos J RamÃrez, PC
Broker/Realtor, ABR, CNE
Certified Negotiation Expert