Good credit 620 or better - bankruptcy if any should be discharged and preferably a few years old. No recent delinquencies on payments. Foreclosures if any will kill you.
A salaried job with job history is preferred. A lender will ask for tax returns from you.
Hopefully, you aren't carrying too much debt.
Having some money in the bank and a downpayment is preferred.
Contact me if you'd like to talk in depth.
Baird & Warner - Evanston
2926 Central Street
Evanston, IL 60201
I highly recommend that you talk to a Loan officer to complete a pre approval - But to answer your question in a very general nature I would say:
You will need a minimum credit score of 620
You should have a 2 year history of employment in the same line of work (however this is flexible)
Plan to have at least 3.5% of your purchase price for a down payment
I would be happy to look at your scenario - Please feel free to contact me at anytime
Senior VP of Mortgage Lending
2. Determine what you need in a home, not necessarily what you want in a home. Make a list of those needs to give to your Realtor. When you are searching for homes you will find that it is very rare to find a home that has absolutely everything you are looking for. If you stick to what you actually need, you will have better success in your search.
3. Research areas/communities that are of interest to you. Determine what things are important such as schools, proximity to shopping, restaurants, and local activities. Drive through the communities to get a feel for what they are like.
4. Learn as much as you can about the process of buying a home. Some local Realtors or lenders will offer first time home buying seminars. If you can find one in your local area it would be helpful to attend. If you cannot attend a seminar, look on the Internet for a home buyers guide such as the one at Bankrate.com - http://www.bankrate.com/brm/news/real-estate/BuyerGuide2004/
5. Select a local Realtor to help you begin your search for a home. You can search Internet sites such as Realtor.com or Homes.com, but a Realtor has access to all of the homes in the local MLS. They can provide you with information on the home, the area and answer any questions you may have. A Realtor can show you properties of interest.
6. Learn about the contract and what is involved. Your Realtor can take you through step by step the process of a contract. After it is signed by buyer and seller, it is called an executed contract. Then you would want to get a home inspection. If everything is fine with the inspection, then you can go forward towards closing.
7. Know what happens at closing. Again, a Realtor can walk you through what to expect at closing. You will need to have money for closing costs such as title search, processing fees, taxes, and insurance.
Buying your first home is an exciting and overwhelming experience. So make sure you are prepared.
Tammy Hayes, Realtor, Green Lion Realty, Port Charlotte, FL email@example.com
per cent down. The very first step is to be pre-approved with a mortgage broker. In doing this you are assured on how much of a home you can buy,your mortgage payments in order to budget correctly and programs that are offered at this time. If you need some mortgage brokers recommendations, I work with
several on a daily bases. Debbie Bergthold-Smith Classic Real Estate 708-267-5552
Wise of you to consider purchasing at this time. It is a buyers market!
Contact Matt Bukovy 773-416-7107 to get you started with a loan application, it's at no charge to you. He will run your credit and then guide you through the process. If there are any issues he will assist you in resolving them so that you can move forward.
Happy New Year!
You are wise to look into qualifying for a mortgage to purchase property based on the affordability of owning a home these days. The best first step is go through the pre-qualification process which entails reviewing your credit, income, assets as well as the property type you're interested in purchasing. It is also important to sit down and do a budget of your monthly expenses and plan out what you would be comfortable with allocating to a monthly mortgage payment.
Please feel free to reach out to me to discuss further. I'd be happy to help educate and guide you through the first-time-home-buyer loan approval process.