Home Buying in Atlanta>Question Details

June Powell, Home Buyer in East Point, GA

This is my first home to purchase so I am good forward to a new beginning and relocating.

Asked by June Powell, East Point, GA Mon Oct 7, 2013

I'm open to any suggestions that one may give in buying a town home or condominium.

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Answers

7
Getting prequalified for a mortgage loan is a good idea. Speak to a licensed mortgage professional in your area about available mortgage programs for you. You will be able to get monthly mortgage payment figures as well as downpayment and settlement costs numbers to consider. Good luck!
1 vote Thank Flag Link Tue Oct 8, 2013
Thanks Michael appreciate your responds.
Flag Tue Oct 8, 2013
Hi June,
Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:

• Two most recent years of W’2’s/income 1099’s
• Two most recent years of Federal Income Tax returns
• Two most recent pay stubs
• Two most recent months of bank statements (all pages)

A loan officer who does not ask for and properly reviews all of the above documentation is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.

A Pre-Qualification is valid for 90 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90 days, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

If you are looking to purchase a property, 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 mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
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 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
1 vote Thank Flag Link Mon Oct 7, 2013
By the way doing all of that could be so overwhelming for a person. I want to keep my life very easy going and not complicated.
Flag Mon Oct 7, 2013
Thanks Rodney this would be a cash paid in full deal. I don't want to give away free money for 30 years or more it doesn't make sense to me. But I do appreciate the you replying back. Have a good day.
Flag Mon Oct 7, 2013
Hi June -

Both townhomes and condos have homeowner association fees you must consider. Always use a Realtor when purchasing to help you understand the technicalities of the purchase - the fees, your responsibilities, what your loan payments include, future zoning in the adjacent areas, and to make sure you know exactly what you are purchasing.

Good luck!
1 vote Thank Flag Link Mon Oct 7, 2013
Excellent answer thank you so much I had never consider that before since this is my first time. So thank you once again.
Flag Mon Oct 7, 2013
Brian Nguyen, Mortgage Broker or Lender, Mission Viejo, CA
First, I recommend you 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. If you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck! 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
Hi June,

Welcome to a new phase in your life. There are a few things you should consider and many things to be aware of (look out for) when buying a condo that aren't issues when buying a single family home. Paying cash for real estate can put you in an advantageous position, but there are a few things that must be done to protect your interests.

I would be happy to speak with you directly. In a transaction like this, you need an advocate and an expert rather than an agent to assure you have the right guidance and that you make a sound investment.

Feel free to contact me anytime.

Best,

Robert Whitfield
Broker/Owner
Professional Buyers Broker
New Home Construction Expert
ICC Code Certified Building Inspector
Advantage Realtors
678-585-9691
RobertWhitfield.com
TheHomeBuyersRep.com
Corporate Relocations | New Construction | Luxury & Investment Properties
0 votes Thank Flag Link Wed Oct 9, 2013
Make sure you hire a reputable home Inspector. A professional home inspection helps you learn about the home you're buying, gives you an opportunity to address potential concerns, and delivers peace of mind about your new property.
0 votes Thank Flag Link Tue Oct 8, 2013
June,

Make sure the seller had an appraisal done. If they haven't, then you might want to consider getting an appraiser for the home that you are glued too. It will help you come up with the proper asking price. You have to understand that not every seller comes up with a market value price, other factors go into the listing price. You make sure you cover your end and save money. You don't want to buy a home and then later find out the property tax is going to be to high or your home isn't worth the amount you paid.

If you have any questions about home appraisals and the benefits, give us a call at (404) 955-9997.

I hope this helped you in some way.

Good luck.
0 votes Thank Flag Link Tue Oct 8, 2013
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