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Underwriters look for current stability... past 2 years
of credit history will have the greatest impact... no payments
over 30 days late on rent or previous mortgage... no late payments
in past 6 months and the cleaner the history, the better! Credit
problems 3+ years old may be OK if recent history is good.
Bankruptcy:
Chapter 7 Bankruptcy must 2+ years old. If in Chapter 13, You
may qualify if in Chapter 13 for onver a year.. Foreclosure or
deed in lieu of foreclosure must be completed 3 years prior to
getting another home loan... outstanding judgments and collections
must be satisfied... Tax liens? Can sometimes work around. If
current credit is good, can usually help you!
>Credit impaired??
Click here!
Never prejudge your credit, much can be worked out...
I can check your credit and prequalify you.
>Call me at (800)295-4007.
>On the lighter side...
Debt Ratios:
Max house payment is 28% of gross monthly income-- or: max mortgage
amount is about 2.5 times your annual income before taxes, assuming
small amount of consumer debt (credit cards, car payments, etc).
Max amount of debt plus house payment is 36-41% of gross monthly
income... Child support or alimony can be a debt or asset, depending
on which way cash flows. Summary:
>Max Mortgage = 28% of gross monthly income
>Max debt (mortgage + debt)= 36-41% of gross monthly income
>Click
here to work your own numbers
Employment:
Generally, need two years work in current job field... exceptions
include having education in the area you are working in, service
on active duty military or changing job fields for an increase
in pay. Can count part time, overtime, bonus income, commissions
and self employment with 2 year history.
Down Payment:
Conventional Loans...5% min...FHA-- 3% to 5%...VA--$0 Down...
Other loans require no down payment. I also have lenders that
offer No Down Payment - 100% financing products, even if you
are not a first time homebuyer or a veteran!
Closing Costs:
Closing Costs... are fees to close the loan... include Credit
Report... Appraisal...Origination Fee...Discount Points... Tax
Service...Document Preparation...Survey... Title Search...Title
Insurance... Flood Certification... Hazard Insurance...Mortgage
Insurance... Tax Escrow...more! Costs vary depending on property,
lender, lawyer, any agreements made with seller... Some finance
programs allow reduced or no closing costs... it pays to shop
around!
>Mortgages can be confusing! Mistakes can cost
you thousands of dollars. I insist on mortgage counseling for
all my clients to find the plan that's best for them!
>E-mail
me at or call Bob at 800 295-4007
>Like lawyers,lenders, bakers and barbers, there are good agents and bad agents... |
