01/27/2021
Want to buy a home? The basic criteria is a 580 credit score 2 years employment and 3.5% down payment ex: $200,000 * 3.5% = $7000. That's it. All 3 homes below sold for 200k or under.
These are things I get asked a lot so here is some insight.
1.When applying for a mortgage the lender will have to pull your credit score. A 580 gets you in the door but a 640+ is what you need to qualify for down payment assistance.
2. You cannot get a house for free. Meaning no money saved, even with the assistance programs you will need savings for a down payment and closing cost.
3. Don't wait for something to hit the market then try to get approved. Start now so if you are not ready your realtor (that's me!) and the lender can give you a plan to get you ready!
4. It only takes between 35-45 days once your offer is accepted to close on your new house.
5. If you want a mortgage between $600 and $900 you need to search below $120,000 (That could vary based on credit and interest rates).
6. You cannot take a loan to help with your down payment.
7. You cannot make cash deposits during the process of you purchasing a home. If you do you have to explain where the funds came from.
8. You cannot apply for new credit or charge items on credit cards during the process.
9. You can have an annual income of less than $25,000 and still buy a home, but your credit score and debt to income ratio must meet qualifications.
10. You cannot expect a 4 bedroom, 3baths, granite countertops, hardwood floors, 2 acres, front porch and deck, with a 2 car garage in your dream neighborhood and pay less than $1,000 a month with no money down.
11. Don't take advice from your cousin, auntie, sister that bought their house 10 years ago. It is not the same and people probably are not as informed as they think they are.
12. You cannot be currently late on any account and apply for a mortgage. This doesn't mean paid off, only that it is on a payment plan or not in default.
13. You can't be in bad standing with the IRS or students loans and apply for a mortgage. Get them on a payment plan.
14. You cannot file a fake business on your taxes and write off all of your income. It negatively affects your income which in turns lower your pre approval amount.
15. Child support and Disability can be used as income. However it must be court ordered and consistent.
16. You can use a Section 8 Housing Choice Voucher to purchase a home if you are gainfully employed and able to cover a other expenses.
16. My service comes at no charge to you, the seller pays my commission.
17. Your first house isn’t your forever house. Use it to build and fund your next home.
If you have any questions please feel free to ask. Take the next step, pick up the phone and give me a call. I am here to serve my community.
My business page is Tayla Ramos REALTOR®
