Making the Offer You may already have an idea of where you want to live, but if you don't, here are few things to think about: Look at the surrounding houses in the neighborhood. Are the homes and yards well kept? The condition of these homes will affect the value of the home you buy. [...]
VA loans have most of the advantages of FHA loans, and then some, but they also have eligibility restrictions. They are available only to veterans of the armed services, those currently in the service and their spouses. VA loans are typically half a percent or more below market rates, and they can be obtained with [...]
In 1937, under an act of Congress, the Federal Housing Administration was established to provide American families with a unique opportunity to become homeowners. Formerly, a homebuyer's options were limited only to short term loans ranging from one to five years in term. Borrowers had to put as much as 40 to 50 percent down [...]
Each lender is different, so be sure to choose one that will work with you and your specific circumstances. Shop for lenders offering the best deals. Check with several mortgage companies and use one or more reporting services. If there isn't a reporting service covering your area, begin the search at your own bank or [...]
Once you've assessed your spending qualifications, you will need to find a real estate professional. As with any major journey, you need a capable, competent guide, one who clearly is able to lead you through the steps that ultimately will bring you to your final destination - your new home. Choose an agent with whom [...]
Lenders usually use the following two qualifying guidelines to decide how much of a loan you can manage: • Your monthly housing expenses - mortgage payment, property taxes, insurance, etc. These expenses should total no more than 28 percent of your monthly gross income • Your monthly living expenses and any long-term debts - utilities, [...]
Knowing your credit status and how credit agencies rate your credit also may be a deciding factor, especially when you begin talking to lenders. There are three main credit-reporting agencies that will, for a small fee, send you the most current credit report on file. Experian 1-888-EXPERIAN (397-3742) Equifax 1-800-997-2493 Trans Union 1-216-779-2378 Don't forget! [...]
Before you begin the search for your dream home, decide how much you can comfortably spend. Mortgage lenders most often will take into consideration all of the following: • The size of your down payment • Your job stability • Existing debts • Credit references • Payment history
