You can purchase a home with as little as 3-5% of a down payment. Here are some things to start your home buying preparation:
INCOME / EMPLOYMENT:
- FORECLOSURES, SHORT SALES, BANKRUPTCY (*There are compensating factors, loan type, credit score, debt to income, employment history etc)
*In most cases, it is important you have built up your credit since the event. Based on individual circumstances
- Have you been at the same job or same line of work for over 12 months? We need 2 year employment history. We can use college.
- SELF EMPLOYED: Are you self-employed? Claiming the correct income on your tax returns is an important variable. If you are self-employed and write off most of your income on tax returns, we do have a loan for you, using 24 months of bank statement deposits. Contact me for more information
- Are you married? Separated? Florida law requires a equitable division but also states that in most cases equitable means equal. If you are separated but not married, your spouse will need to sign purchase documents. Read more.
- Can you keep house payments at or 48% of your monthly gross income?
- Do you pay child support? This is considered part of your “liabilities” and part of your debt to income ratio.
- PROOF – Start a folder, put your most recent paycheck stubs, find your last 2 years of tax returns, most recent bank statements, IRA’s, 401k’s etc.
- Be prepared to provide A LOT of paperwork! It may feel like an invasion of privacy, but EVERY buyer has to go through it!
- It is for YOUR protection, to make sure you’re not getting in over your head!
- The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage. During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again
- The banks don’t want to be in the real estate business. Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.
NOTE: second jobs under 12 months will not count for loan approval, but may be good to save up down payment $.
NOTE: ALL INCOME MUST BE SOURCED, CASH IS NOT ACCEPTED when purchasing a home
ASK ME ABOUT FREE PET ADOPTIONS!
~~Solutions. Results. Reliable~~
Mortgage Lender serving Palm Coast, FL and surrounding counties.
Mortgage Loan Originator
Hours: Mon-Fr 8a-6p (hours may vary)
Apply Now: www.ddesousa.com – click Apply Now
First Time Home Buyer? Check out this FB Group: https://www.facebook.com/groups/302375513753568/