After you know how much you afford the next step should be getting in touch with a real estate agent that can assist you, advice you and finalize the buying process.
Best of Luck,
You should talk with either your banks mortgage officer or a local mortgage broker to get your scores and see if you can qualify for a mortgage.
Check http://www.creditkarma.com for a free check of your credit score. Does not require a credit card or buying anything. But it is only a guide for you. If you are below 640, start working on improving your scores.
When you are ready, find a great agent that is local. Re/Max has over 90,000 agents world wide and there is always a local expert nearby. Why roll the dice with anyone else.
Best of Luck to you.
Please remember to consider some of the various down payment assistance programs available in Gwinnett County.
Would enjoy the opportunity to speak with you when time permits.
Georgia Real Estate Brokers Associate, REALTORÂ® Certified Affordable Housing Counselor, Buford Resident
Keller Williams Realty Atlanta Partners
do not resign yourself to it:
Getting a home loan isn't just a matter of getting it; your bad score will result in either being rejected, which will lower it further, or, getting a crappy interest rate.
Google; mortgage calculator,
and play with the numbers: see what a 2% increase can do to your monthly payment.
My advice would be to concentrate on improving your score and delaying the purchase.
I can assist you wthi this process here are just a few ways.
Helping you locate a home that will be a joy to live in.
Negotiate a good price and terms of sale.
Protecting your earnest money.
Having seller pay part or all closing costs.
Suggesting sources of financing and other service professionals, such as home inspector.
Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
Free Buyers Agent
Full Time from 1993-2013
Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.
The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrowerâ€™s own funds and not a gift.
You would need to contact each of your creditors directly to see what your options are. Paying off derogatory debt will help improve your credit score in the long run, but not immediately.
With collection accounts, most of the damage is done when they are initially placed on your credit report. Some collection companies are now reporting you are late each month the debt goes unpaid. This continues to drag on many peopleâ€™s credit scores each month until the debt is paid in full. Until you do that, your credit score has little chance of improving.
In exchange for paying the collection account in full, you can try to negotiate to have them completely remove the derogatory item once the payment is received. Some collection agencies will do this, while others will not. You will just have to ask each one and see. If they will not remove it, just having it paid and closed will help in the long run.
All liens and judgments will also need to be paid in full. These impact the title position of a mortgage so they must be satisfied.
To build positive credit, you typically need to have 2-3 trade lines reporting for 12-24 months. There should be no late payments or other derogatory items reported in the last 12-24 months. On your Revolving credit accounts, your outstanding balance on your monthly statement should not exceed 30% of the credit limit.
Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase once you are ready, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
There are townhomes available in this area.
What is your income looking like? If not purchasing with cash, you will need to get
pre-approved for a home loan by a mortgage lender.
Let's discuss your options further.....
Better Homes and Gardens Real Estate Metro Brokers