I am happy to tell you that there is no better time to buy than know, no one knows how long the interest rates will stay this low but I assure you they will rise. Your credit score is at a good number to be able to obtain a good mortgage. The best way to find out what interest rate you will receive is to schedule a pre-approval. This is the first step in the buying process. My office has a fantastic mortgage officer who we work with hand in hand and will be able to give you the best rate that you can possibly get. Please give me a call so I can give you some more information based on your question.
1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
Kiamazulu M. Ferreira
Pantiga Group Inc.
Based on the preliminary information you provided it appears that your Income and Credit Score would be sufficient to qualify you for a mortgage. BUT, that's only the tip of the iceberg, as it were. The mortgage prequalification process involves a review of your Income, Assets, and Credit, or IAC, the building blocks of a mortgage loan approval.
Typically, an experienced and Licensed Mortgage Loan Originator would review your paystubs for the most recent thirty days, your last two years' income tax returns and W2 forms, and your bank statements for the most recent three months. Further, your MLO would review a Tri-Merge credit report with FICO (Fair Isaac) scoring from the three major credit bureaus. (Note that inquiries on your credit report for mortgage shopping have NO effect on your credit score within 30 days).
Get a personal referral to a Mortgage Banker from a family member, friend, or co-worker, preferably to a local company that works in the area where you wish to buy your home. Loan Officers who work for Mortgage Banks are required to be Licensed and you can verify their license at the NMLS Consumer Access website http://www.nmlsconsumeraccess.org
Experience counts in today's difficult lending environment so be sure you work with a seasoned professional. That's a person who can properly prequalify you and help you navigate the difficult waters of loan approvals in the year 2011. Your Loan Officer can recommend the best loan programs available based on your prequalifications to help you make your dream of homeownership come true.
Good luck to you on your search for your first home! Dreams really do come true!
Hope that helps!
A mortgage broker will look at your credit score (which sounds good), your income, and your debt to income ratio. Do you have a lot of monthly debt? For an FHA loan you will also need 3.5% for your down payment and you can ask the seller to pay your closing costs.