PTC? phenylthiocarbamide? Just kidding. I know it's Peachtree City.
Rodney is right about the employment and credit requirements. Having a score is not the only focus of financing. If you worked for a US company and filed US returns, you should be okay. For FHA, you'll need to have at least 3 lines of credit that have been active within the last 12 months.
FHA (Federal Housing Authority) also allows you to participate in programs like Georgia Dream Foundation. Just be aware that it is income based and if you make too much, you won't qualify. Same goes for USDA. FHA is capped (per county) on how much they will lend and the mortgage insurance premium is redunkulous (not misspelled).
With good credit, a private lender will buy a house for you and give you the time to correct your financial situation so that you can buy it later. Rate is usually higher (starts around 8.5% interest only), fees are higher than normal. This is a person lending you money, not a bank. With 5-10% down, you can qualify for financing for yourself. Foreign Nationals require 40% down.... more
Habit No. 1: Be proactive. First, let's define success or "effectiveness" as a homebuyer as successfully Closing on a home that then meets one's and one's family's needs, for as many years as they want
I begin every prequalification with the same question, "What is the monthly payment that fits within your budget?"Â You would be surprised by the responses I get.Â The majority of the time I hear,
Your mortgage will be based on the lower of the appraised value or purchase price. If you put less than 20% down on a purchase, you will have to pay monthly mortgage insurance premiums. After at least 1 year (some lenders require 2 years or more) of paying PMI and so long as you had no late payments on your mortgage, if you can show your lender that you have at least 20% equity in the home, you can apply to have PMI removed.
You will need to contact the lender to find out what their requirements are before going through the process. You will also want to ask before you apply for a mortgage how long they will require you to maintain PMI before youcamn pply to have it removed.... more