what are some of the preparations we need to make sure we qualify for a new home loan? What resources are available to us to take advantage of?

Asked by Teresha, Altamonte Springs, FL Mon May 27, 2013

eg. credit scores, how does the loan work for husband and wife both first time buyers, and which type loans are available to us....etc...thank you for assistance

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Deanna Crawf…, Agent, Altamonte Springs, FL
Thu Jul 4, 2013
Congrats to you on looking to become a first time homeowner! It's so exciting and frightening all at the same time. There are many factors that go into the loan qualification. Credit score is one factor however a lender will also look at your credit history, debt to income ratio, and salary. There are options to only put one of you on the loan if both of you don't have the credit scores needed. Things you can do now to help establish your score would be to pay all of your bills on time, don't make any new large purchases, and try not to have too many people run your credit as this takes points off your score. I see you are in Seminole County. There are programs opening now for down payment assistance. If you have more questions or need an excellent lender let me know. I happen to have one!
0 votes
Abraham Bidh…, Agent, Orlando, FL
Tue May 28, 2013
Hi Teresha:

Your Credit scores would need to be 640 to be able to qualify for most loans. Some lenders would accept as low as 620. The loans you would be able to qualify for would be: the most common one FHA (3.5% down payment is needed), You would also qualify for a 100% VA loan if you or your husband has ever served military. Homepath Loan with 3% downpayment (only limited to homes owned by Fannie Mae). You can also qualify for a County Bond program which would cover your 3.5% down payment if you fall within certain income category. USDA (100% Loan) is also an option but only in certain areas (Altamonte Springs for example would not qualify for USDA loan).

The first step would be to talk to a lender, they will take a look at your credit, income, debt… and let you know how much loan you can qualify for. I have a great lender who can do that and also if you need any help improving your credit score he will help you with that free of charge.

Please feel free to send me an email if you would like me to email his info to you.

Thanks,

Abraham Bidhendi
Top Producer Realtor® with over 26 years of experience
Awarded as Exit's TOP Buyer side Transactions for the State of Florida
We have had 142 successful transactions during the past year alone.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com
Website: http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
0 votes
Thank you...you have been very helpful ...We really appreciate your assistance. I will be emailing you for that information...thank you again
Flag Tue May 28, 2013
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