FIRST TIME HOME BUYERS CORNER!
This page is meant to give you the basic breakdown on what most lenders would like to see in an applicant, especially if they are a fitrst time home buyer. Ofcourse not all loan applicants are the same, so if you have any further questions or concerns, please contact me and I can go over the basic loan scenarios based on your criteria. Home ownership requires a few steps, but as long as you take it one step at a time, it can be done.
This is why I am here, to help assist you! Here are the basic criteria for most home buyers:
1) Have you worked consistently for the past 2 years or have 2 years reportable income, (w2's, etc..)
2) If you have had a Bankruptcy, has it been 2 years or longer since discharge, (FHA allows 1-2 years, 1 year on their "Back to work" program if you can show a legitimate decline of income as the reason for the bankruptcy or foreclosure), whereas a conventional loan requires 4 years since discharge
3) If you had a foreclosure, has it been 3 years since filing. (FHA allows 3 years, and Conventional requires 7 years)- usually FHA is the better option if one has a foreclosure reported on credit report
4) Is your fico scores atleast 620 or better? ( can go as low as 580, but may require a bigger down payment), most lender prefer 640 plus, but 620 is reasonable to qualify.
5) Do you have atleast the 3.5% required down payment in savings, 401k (for borrowing), or can obtain as a "GIFT" from close relative. (FHA requires the buyer put in atleast the down payment which is currently about 3.5% of purchase price. (for example, a 100k purchase, the buyer required to put in $3500 of their own funds, and the rest for closing can be paid for by seller, etc..)
6) If self employed, do you have a positive income reporting, ( in other words, not operating at a loss), on your schedule C's, or business entity tax returns), in some cases we only need one years tax returns if self employed.
7) For investment property (to be used as a rental), do you have atleast 20% down payment. Only required if buying an investment property, most lenders want to see atleast 20% down, and would have to be conventional loan, not FHA if an investment property.
**if you answered YES to all the applicable questions, you may be ready to buy a home, you can contact me to see what and how much of a home you can qualify for**
**for additional Buyers Information you can also click on this link: Buyer Reports
**if you think you are ready, please proceed to apply online at: Apply Online
otherwise, feel free to contact me at my office at: Contact Me