Below are the most frequent Mortgage Questions people have.
I will take your gross monthly income times 38% to see how much payment you will qualify for. I will then subtract out your taxes, home insurance, HOA dues and any mortgage insurance. I will input this number into my calculator and work the equation in reverse and solve for loan amount to find out what you will qualify for. This will also be based on the house payment range that you are looking for.
There are three things that can affect the ability to purchase your new home.
Your credit score, typically we are looking for scores around 620.
Your job and income.
The first thing I will do is analyze your credit. Then based on the information you have given me for your income and down payment I will give you a rough idea of how much HOME you can purchase. We will meet so I can underwrite your income, your assets and to review your credit. You will then begin looking for the home of your dreams. You will find a home and write a contract with you agent. When this contract is accepted, you will have the home inspected and I will order an appraisal to make sure that you are not paying too much for the home. We get a final approval from the bank and we finalize number and close on your new home.
Loan process will usually take 2 – 3 weeks. I usually like to give 30 days to process a loan when you are purchasing a home.
Typically you will need 3.5% for a down payment. The exception to this rule is if you are doing a VA loan or if you are doing a HUD $100.00 down. I will help you figure out what is best for you.
There are a few programs left to help certain people with down payment. Most of these programs are offered through County bonds. We can discuss this too.
Rates are determined by the current market and we will discuss these together. I am very competitive with my rates.
Typically with the market today the seller will pay the majority of your closing costs. I will keep your out of pocket expenditure as low as we can.
We will analyze the credit together and design a game plan to get your credit score where it needs to be. We can do this as quickly as 30 days sometimes.
Yes depending on when the last time you bought a home and if you are under contract by April 30 of 2011 and close by June of 2011.