FAQ
FHA, Conventional and VA
Depending on what type of loan you qualify for and whether or not you are a first time home buyer you can put anywhere from 3.5% on average to 20% for your down payment.
You will need to have money to pay for an appraisal, attorney fees, engineer inspection along with closing cost that could run between 3% to 4% of the price of the home.
-Tax Breaks
-Financial gains
-Equity gain
-Security
-Sense of achievement
-Do you have consistent income for the last 2-3 years?
-Do you have a positive history with paying your bills on time?
-Do you have money saved for a down payment or enough money in your 401k?
-Can you afford the expense of a mortgage, taxes and insurance and utilities?
-How's your credit?
Pre qualification is when a mortgage lender goes over your finances and debts verbally without verifying any docs or running your credit. Pre approval is when a mortgage lender has verified all financial docs and debts along with running your credit to get an accurate score in order to determine your interest rate for a loan.
Your gross income is your pay before any taxes or other deductions have been taken out. The debt-to-income-ratio is the percentage of your gross monthly income that will go towards paying any monthly debts.
Most lenders work closely with credit repair specialist that can get a homebuyer in good standing to buy a home with in 30-60 days with the exception of bankruptcies and foreclosures.
1-2 years after the bankruptcy has been discharged as long as the buyer can show 12 consecutive months of on time payments and in some cases they will need permission from the courts.
As long as there are no unforeseen issues with the home or the buyers income it typically takes 4-6 weeks from start to finish.
Top Rated Realty REQUIRES that all prospective buyer clients show identification.
Top Rated Realty REQUIRES that all prospective buyer clients show a mortgage preapproval/ proof of funds.
