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What do I need to purchase a home?

  • Qualifying Credit Score.  (Typically a credit score of 580 will qualify you for a FHA loan, 620 for a conventional loan, but above 640 is the current sweet spot for preferred benefits and interest rates.)
  • Steady Source Of Income.  (The amount of income you earn on a monthly and annual basis will determine the amount of your loan and what you can buy.)
  • Proof Of Income.  (The items typically required are W2s, 10-40s, Other Income Tax Forms, Check Stubs and Bank Statements.)
  • Seasoned Savings  (“Seasoned Savings” is a minimum savings amount of $2000 or more that has remained in a bank account for 3 plus months, the more time and money the better.)
  • Low DTI “Debt-To-Income Ratio”.  (DTI should be below 40% of monthly income.  It is calculated using the items presented in your credit report.)
  • Earnest Money Deposit  (This deposit is in most cases required when making an offer on a property.  It basically shows the seller you are serious about buying the property and can be negotiated.  $500 is usually the minimum.)
  • Down Payment  (Your Down Payment could range anywhere between 0 and 20%.  Your Down Payment depends on the type of loan you have, what programs you are utilizing and your credit score.)
  • Closing Costs  (Closing Costs can be anywhere from 0 to 5% of the home’s purchasing price and includes Lender Fees, Home Inspection Fees, Attorney’s Fees, Appraisal Fees, Insurance, Taxes, Administrative Costs and other Third Party Fees.  The payment of Closing Costs are also determined by the type of loan you have and what you negotiate with the seller of the property.)
  •  Bank Account  (Your Bank Account provides  your Loan Officer or Mortgage Broker with a record of how financially viable and responsible you are.)

Who will I need to help me purchase a home?

  • Real Estate Agent or Broker
  • Loan Officer or Mortgage Broker
  • Home Inspector
  • Appraiser
  • Title Company
  • Many of these individuals may be referred by your Real Estate Agent or Broker.

Why do I need a Real Estate Agent?

A Real Estate Agent’s main function or purpose is  to provide assistance, guidance, and protection Buying or selling a real estate property can be very challenging and full of pitfalls if you are unexperienced or not well educated in the subject.  You can literally loose thousands of dollars purchasing a home with unknown or hidden issues.  Or, face unwanted litigation due to not understanding all of the details involved with correctly selling a property to the public. It is a Real Estate Agent’s main duty and focus to help you avoid those setbacks and hidden issues.  It is an Agent’s or Broker’s job to continuously educate themselves in order to properly guide their clients through the home buying and selling process.  In addition, they significantly reduce a lot of the work, time, and possible stress that would normally be required and/or experienced if an individual were to buy or sell a property on their own.

More Information Coming Soon!

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