Buying a Home - Lineup Financing
The initial consultation will help us find you the type of home
that meets your needs. We will also discuss your financial
situation with you in order to determine the price range that will
be suitable, if you have not already been pre-qualified. It is
important for us or your lender to know:
- 1) How much of your savings you intend to use toward down
payment and closing costs.
- Your annual gross income (before taxes).
- The length of time with your current employer and previous
employers, for the past 2 years.
- Your monthly payments on long term debts (such as a car
payment) and credit card balances.
- Child care expenses and/or alimony, if any.
- Whether or not there have been any bankruptcy or credit
problems.
Pre-Qualifying and Lender Requirements
We know lenders requirements. We are able to determine
your approximate price range and your ability to qualify for a
loan. In this counseling session, our team will tell you
approximately how much you can anticipate in closing costs and
prepaid items at the time of closing.
We recommend meeting with a couple of lenders before
house-hunting. Our tools allows us to take your financial
information and get an initial commitment from a bank in less than
10 minutes.
These few minutes of preparation focuses our search and gives
us substantial negotiating leverage over the competition.
Because we know your Pre-Approved amount, you won't be
disappointed and waste time see home that are below or above your
budget. When we find your new home, we use this financial
readiness to negotiate better terms, a better price.
Financing Options
Depending upon the price of the home and/or the amount of your
down payment, there may be several options that fit your needs.
They include VA (for military veterans only) which allows 100%
financing of the purchase, FHA (Federal Housing Administration)
which allows purchase with as little as 3% down and CONVENTIONAL,
generally the best option when putting down 20%. In addition to
these traditional methods, there are a variety of other creative
financing options including Gift Programs (Zero Down), Owner
Financing, First Time Home Buyer Programs, Loan Assumptions, and
Lease Purchase.
Bruised or Imperfect Credit
We can help. A number of options provide avenues for home
ownership, even with bruised or imperfect credit. In fact,
home ownership and timely mortgage payment represent one of the
best methods to rapidly increase credit scores. Often times,
a few letters of explanation can result in saving $1000's.
That's another reason we recommend lining up financing as soon as
possible and we can help.
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