I am interested in 200 Meadowview Terrace Oxford. Can anyone tell me how to get prequalified as a first time home buyer?

Asked by dtonya60, Oxford, GA Fri Apr 20, 2012

I have been getting the runaround because of my questionable credit. I just need to know where to start.

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Rodney Mason’s answer
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sat Apr 21, 2012
.Getting Pre-Qualified should be your very first step. To get started with that, you can submit a request online at http://www.rodneymason.com.

Working with a direct lender, like Prospect Mortgage, is very important. This gives you access to in-house underwriting and a much wider variety of mortgage programs than many lenders.

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

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes
Fred Yancy, Agent, Woodstock, GA
Fri Apr 20, 2012
You mentioned that you have "questionable credit". First I recommend you get your finances in order. Following is a to do list to do just that:

1.Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, as well as predictable costs such as rent, utility bills, and groceries.

2.Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt — car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.

3.Look for ways to save. You probably know how much you spend on rent and utilities, but little expenses add up, too. Try writing down everything you spend for one month. You’ll probably spot some great ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.

4.Increase your income. Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.

5.Save for a down payment. Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with only 5 percent down, or even less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.

6.Keep your job. While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.

7.Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off the entire balance promptly.
0 votes
Laquita Baez, Agent, Atlanta, GA
Fri Apr 20, 2012
Hi dtonya60,

You would usually begin by speaking with a reputable mortgage lender and they will inform you
of how much of a home loan you may qualify for. They usually review your credit information, current income, debt, etc to determine this factor. Have you consulted with one yet?
I can refer you to one if you'd like. Then after you get prequalified, you should then consult with a Realtor to assist you with finding a home that matches your criteria.
If you have any other questions, feel free to contact me directly.

Thanks.

Laquita Baez
Better Homes and Gardens Real Estate Metrobrokers
770-901-0956
http://www.LaquitaBaez.com
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