1. GROSS INCOME OF EVERYONE WHO IS GOING TO BE ON THE LOAN
2. DEBT TO INCOME RATIO
3. ANY OUTSTANDING DEBT REFLECTING ON YOUR CREDIT REPORT
PLEASE FEEL FREE TO CONTACT ME WITH ANY ADDITIONAL QUESTIONS. I HAVE WORKED WITH MANY FIRST TIME HOME BUYERS AND HAVE SEVERAL MORTGAGE BROKERS THAT I HAVE PARTNERED UP WITH.
I WOULD LOVE THE OPPORTUNITY TO EARN YOUR BUSINESS
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!
please feel free to contact me with all your question. It would be my pleasure helping another first-time-homeowner making their dream of homeownership come true.
Lic. Loan Originator
Typically you would like to have a credit score of at least 640; however, if it is below that and higher than 610 you may still have a shot obtaining a mortgage. There are so many programs today; we would just need to find the right one for you and your situation. As a first time home buyer; position yourself to know that this will be a journey with highs and lows. A lot of patience will need to be had for the process. Having a good strategy will definitely make you successful throughout the process. The first thing to do is get pre approved for a mortgage. This will let you know how much house you can afford. Second, view homes that interest you that you could afford. Thirdly, make reasonable offers with your REALTOR; the market today is very competitive. After getting an offer accepted. The fourth thing to do is get a home inspection; discuss with your REALTOR the positives and negatives then determine if you will move on through the process. Thereafter, you are headed to the closing table. Of course it's hard to relay all the points in the process; however, partner with a REALTOR that understands the process; and you will have a good experience.
I recommend talking to a mortgage lender since there is more than credit score that makes a difference.
There are also different kind of loans that require different down payments.
Please give Mark Gonzlez a call :
Ha can answer any questions to you.
You can also call me at 407-929-9674.
Have a great day,