Whether you are buying your first home or a move up home, I understand that it can be one of the most stressful things you can do.  There are many things you need to consider and have in place to make sure that you get the best mortgage for you and your family’s needs.  I will assume that unless I am told different by you, we are looking for a little or no money down transaction.  My specialty is helping people finance the home of their dreams with little or no money down, and less than perfect credit.  Everyone deserves a slice of the American dream, and that dream is owning a home of your own.

Getting pre-approved or qualified depends on many things which include:

Rental History or Mortgage History

Credit

Savings

Whether you are seeking 100% financing or plan on making a down payment?

What about closing costs, have you considered them?

Is your property rural?

Making sure you qualify for financing and are not buying more of a house than you can realistically afford.

Do not worry, as a mortgage specialist I want to earn not only your trust, but your business and become your “Trusted Agent”.  I have solutions for all of these things and many others.

Let’s start with rental history and mortgage history.  If you are a first time homebuyer the lender is looking to verify that you pay your rent on time.  If you are renting a property from a management company, a verification of rent will meet this requirement.  If you are renting from a private person or party, the lender will require 12 months of cancelled checks and a verification of mortgage.  If you have been paying your rent with cash there are other avenues available to verify your rental history.  If you are a move up buyer your mortgage history from your credit report will satisfy your mortgage/rental history.

Credit: It is the single most important thing that impacts not only the rate you get on your mortgage but your car loans, credit card interest rates and even your car insurance rates.  If you have credit that is approximately 640 or above you are in good shape, I will always look however at ways to improve your credit immediately and over the long term.  I have many tools available to me to improve your credit immediately, if we need to, in order to get you a better rate on your mortgage.  Do not buy into the myth from other lenders that it is often difficult or impossible to repair credit or that it takes a long time.  I have a credit repair kit that I give all my clients when needed to assist in timely or rapid credit repair situations.

For Borrowers with bad credit generally below 600, you are either going to have to come into the purchase transaction with some down payment money or we as a team we will take steps to improve your credit on a timely basis.  Sometimes it can take as long as 6-12 months to get the buyer qualified for a zero money down purchase transaction, if credit rebuild is required.

If you have no credit at all this is no problem.  We can get you a credit score using alternative trade lines.  As long as you have been paying your cell phone, cable or dish bill and utilities on time we can get you a loan.

The amount of money you need to have in a savings account is based primarily on two factors and they are the type of loan program and also your credit score.  If you are a first time homebuyer there are many specialty programs that do not require you to have any money in checking or savings.  They do require that you have $500.00 of your own money into the purchase of a home but that can come as a gift from a friend or relative.  If you are not seeking a first time home buyer program the lenders generally require one to two  months  payment reserves in the bank so if your house payment is $500.00 per month you are going to need approximately $1,000.00 in checking, savings or a retirement account.  A gift from a relative or friend can also be applied.

We also have many first time home buyer programs for teachers, medical workers, law enforcement personal and firefighters.  For law enforcement officers and firefighters these programs are available even if it is for a volunteer position.

If you are seeking 100% financing do not worry, this is my specialty and I will discuss this in person with you either in person or over the phone.  I will do my best to meet your busy schedule to either meet in my office, at your home, at your workplace or anywhere that is convenient to you.

Closing costs are another factor not considered by most home buyers.  They can either be paid out of pocket by the buyer or factored into the loan as seller paid closing costs.  I will be happy to discuss this with you.

Rural property is another factor that can sometimes pose a problem when purchasing a home.  Generally if you are purchasing a home with 40 acres or less there is not a problem but generally the more acres that you are purchasing with a house, the less lenders there are who are willing to borrow you money.  Having comparable sales in the immediate vicinity is also a very important factor with respect to purchasing rural property.

Last but not least is getting you pre qualified for financing which is the last step in the whole process but is totally dependent on all the previous factors discussed.  I want to make sure that you are not only qualified to make an offer on a home but that you are not buying more of a home than you can afford.  I do not want to make you house poor.  I then either refer you to a realtor if you do not have one or contact your realtor with you to let he or she know that you are qualified to make an offer.  If you are purchasing a home from a “For Sale By Owner Property” I will assist you with making an offer.

One final note is that many people who are either self employed or 1099 often find it very difficult some times to qualify for a home loan.  We have many lenders who specialize in loans for these type of people and in many instances for the same rate as non self employed borrowers.

I want you to understand that I know that purchasing a home is one of the most stressful things you can do.  I will do whatever I can do to make the process go extremely smooth for you, that is my specialty.  I have access to over 50 lenders with over 180 different loan programs.  This guarantees that I get a loan that meets your needs.  Statistics prove that 80% of all homeowners move every 5.7 years, I want to be your mortgage specialist and trusted agent for life.

To schedule a free credit consultation, simply fill out the simple form below, and I will contact you at my earliest opportunity.