What You’ll Need to Qualify for a home loan in Today’s Market:
We’re here to help breakdown the mortgage process!
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Down Payment:
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Generally, between 5-20% of the purchase price is a traditional down payment (However, many buyers are putting down 10% or less – with some putting down as little as 3%).
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Income Verification, Credit History, & Asset Documentation
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Impartial Third-Party Appraisal:
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Your lender needs this to verify the value of the house you want to purchase.
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Stable Income (Don’t worry if you’re self employed!)
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Good Credit History (Some borrowers can qualify with credit scores at low as 580 – 600.)
You will interact with various professionals during the HOME BUYING process, all of whom are VALUABLE resources & perform necessary roles.
how to apply for a home loan:
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Find out your current credit history and score.
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Even if you don’t have perfect credit, you may already qualify for a loan.
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Start gathering all of your documentation
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Income Verification (W-2 forms, tax returns, employment), Credit History & Assets (such as bank statements to verify your savings)
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Contact a licensed residential mortgage lender in your state
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Consult with your lender to review your income, expenses & financial goals – to determine the type and amount of mortgage you qualify for
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Talk to your lender about applying for a mortgage & getting a pre-approval letter
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This letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) & demonstrates to home sellers that you are a serious buyer.
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bottom line:
Do your research, reach out to the professionals, stick to your budget & be sure you are ready to take on the financial RESPONSIBILITIEs of being a homeowner.
Get start today with award winning professionals at lh lending!
Tags: afford, budget, credit score, first time homebuyer, homebuyer, lhlending, loan, mortgage, personal finance, refinance, tips
Categorised in: Uncategorized
This post was written by master