Home Buying in Newburgh>Question Details

Christine Ru…, Home Buyer in New Windsor, NY

Im looking into purchasing a home but how do I do it , I have nobody to be my co-sighner, but I have the down payment

Asked by Christine Russ, New Windsor, NY Fri Oct 25, 2013

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You should decide whether the problem is due to your credit history. If your credit is a problem, do you currently have delinquent accounts? It may take six months of working on your credit. Mortgage professionals can and will give you suggestion for free.
0 votes Thank Flag Link Fri Feb 14, 2014
I recommend the first thing you do is speak with a lender to apply for a loan and prequalify. When you apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. 1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages) 2) Credit Report which they will pull 3) Employment History or Business Tax Returns if you're Self Employed 4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have. These are just a few things you should have ready when you begin your buying process. You should also consider an FHA loan that only requires 3.5% and it's geared towards first time buyers like yourself. If you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Fri Feb 14, 2014
You say that you have the downpayment. Whether your downpayment is enough depends on such factors as the price of the home you decide on, the type of loan you are approved for, the type and location of the home. If it is a condo, factors such as percentage of delinquent HOA fees, what percent goes toward reserves, number of renters in development. Some locations are approved for USDA loans. I can connect you with a highly qualified mortgage professional with a knowledge of the New Windsor, NY area who will advise you, guide you and answer any questions you have.

Gail C. Jeter
Licensed Real Estate Salesperson
Better Homes and Gardens Rand Realty
Gail.jeter@randrealty.com
845-562-0050
0 votes Thank Flag Link Fri Oct 25, 2013
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