3 Simple things we look at when buying a home!
CREDIT
Mortgages use the middle credit score. Credit Score plays a major factor in buying a home. A low score does not mean NO! There are plenty of programs for people who need assistance. This is the main driver for any loan, including your interest rate
INCOME
Income is important, it determines what you can qualify for price wise. There are different formula’s for different types of income. This creates a number called DTI (Debt to Income)
DOWN PAYMENT
Down Payment is what you have saved to put down on the property. Nobody requires 20% anymore. There are 3.5% – 5% options. There are also 0% options.
Quick Cheat Sheet
These are the 3 primary items we talk about in order to qualify you for a mortgage. The best idea is to call me and lets talk about each. Don’t wait until you want to buy to start the conversation. We can discuss your future purchase and get you prepared for the next steps. This way if you need some time to prepare we have it. No pressure, no hassle. You buy when you are ready.