Finding a Home

After you get a Pre-Qualification letter take it to a local realtor. You can now begin looking for a home.

You can also you can look online for homes that are for sale. A few websites I like are www.Realtor.com and www.Zillow.com on realtor.com you can search by features, # of bedrooms, & zip codes etc. some listings even have a virtual tour of the home and you can see what is looks like inside and out. I like zillow because they have a feature that shows you a birds eye view of the home, you can actually see a whole photographic view neighborhood (as shown above).

To start the process of buying a home

• To start the process of buying a home you should get Pre-qualified by a mortgage company or lender. This way you will have an idea of how much you can afford on a home.
  
  
• The mortgage company will provide you with a Prequalification letter, which you can take to a realtor so they know you have already been pre-qualified for a loan.
  
• The pre-qual letter will show up to the highest loan amount you are pre-qualified for.
  You will have more room to negotiate when you have been pre-qualified
  
• Most of the time there should be no fee to get pre-qualified
  
• In determining how much you can afford they take in to consideration how much debt you currently have.
• They will take the entire monthly revolving debt payments you have (car payment, credit card payment, etc.), the new housing payment, taxes, and insurance and divide it by your total income. This will give them your debt to income ratio (DTI).
• Normally lender likes to see your debt to income ratio be under 37% to 50%. It varies with different lenders.

No Money $$ Down

• Some Sellers or Builders will pay part or all of your closing cost. Many sellers are motivated to sell there homes and would be willing to help you pay closing cost (Title, Escrow, Appraisal, etc.)


• Some people can qualify for a 100%. These days you need at least a 620 fico score to get 100% financiang.

Before you apply for a home loan you may want to check your credit report for errors. When you apply for a home loan the lender will check your Fico Scores (Credit Scores from Experian, Trans union, & Equifax). The higher your Fico score the better, you can get much better rates on your loan which means a lower mortgage payment.