Home Buying in Reidsville>Question Details

sanluisluna, Home Buyer in Browns Summit, NC

Hi, I would like to know what all is required in purchasing a home. I am currently attending college an receiving unemployment my husband.....

Asked by sanluisluna, Browns Summit, NC Sun Jan 20, 2013

is the only one working.

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The first step is getting prequalified with a lender of your choice- they would probably just consider your husband's income (which is greater) I have a lender that can help you by the name of Don Strader @ don.strader@wellsfargo.com - his (c) 336-317-0036.

Hope this helps!

thanks for your question!

Judy Hutcherson, Broker
Atkinson Real Estate LLC

judyhutcherson236@earthlink.net
(c) 336-3-552-5566
0 votes Thank Flag Link Mon Jan 21, 2013
When qualifying for a mortgage loan, the lender needs to prove and verify that your employment is steady and stable and that the qualifying income will continue for a period of 3 years.

Unemployment income isn't qualifying income for purposes of paying back a loan so if your husband's income is enough to pay back your proposed purchase loan then you could move forward.

As everyone else has mentioned check with a loan officer to get qualified.

I am in your local area if you want to give me a call or apply securely online.

There are a lot of great programs to help one purchase a home.

thanks,
0 votes Thank Flag Link Mon Jan 21, 2013
The most important thing you can do at this time is to find out whether you're qualified to receive a mortgage and the best way to do this is for you and your husband to sit down with a mortgage lender and see if you qualify and if so for how much.

I would advise you not to waste your time with the big banks (Suntrust, Wells Fargo, BoA) but rather to find either a local bank, credit union or a company like New American Mortgage to speak with as they will all be easier to work with.

Good Luck.
0 votes Thank Flag Link Mon Jan 21, 2013
It sounds like your next best step is for you and your husband to speak to a lender. If you don't have one you should ask a friend or family member who had a great experience for a referral. A lender doesn't have to pre-approve you now, but they can prepare you for what to expect. They will also answer any questions that you have specific to your situation.

Good luck!
0 votes Thank Flag Link Sun Jan 20, 2013
I get this question at least once a week from clients. I have found that CNN Money did a good write up to get people started. Here is a link:

http://money.cnn.com/magazines/moneymag/money101/lesson8/index.htm

Best of luck in your future home purchase!
0 votes Thank Flag Link Sun Jan 20, 2013
Well, first off you will need to decide how you are going to buy and where. If you are going to get a mortgage then speaking with a lender to see how much and if you qualify is an important step. Then once you know how much you can afford, then we would start to narrow down the search further by deciding on the area, size of home, and more criteria that you would provide. The requirement part is more for the lenders then the agents/brokers of the real estate.

In the Triad the housing market is actually still a great place to get a good buy. However, that is changing. Our housing inventory is shrinking. We are presently in Guilford County for single family homes at about 6.5 months worth of inventory. At the worst part of the crash we actually had almost 15 months worth of inventory on hand. If we stay on our present path we will change from a buyer's market to a seller's market and prices of homes will start to rise again. We are already seeing the affects of the inventory since many contract deals are now multiple offer situations. Thereby those sellers are many times getting more then the actual list price for the home.

A lender will qualify you and your husband based on your total income and also looking at your total debt. Then of course your credit score will come into play.

If you have any questions, or need any help feel free to contact me through my profile here on Trulia.

Hope this helps,
0 votes Thank Flag Link Sun Jan 20, 2013
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