Buying a Home in the US has never been easier
The are many options available to help you achieve your
Through our years of experience we have determined there are
6 Factors which help you better pin-point the best strategy to make your dream of homeownership a reality.
These factors are not black and white or written in stone, but we use them as a guideline to help you prepare your plan
There are many loan programs available when it comes to finance your home; You can choose between a Conventional, FHA, VA, USDA loan or, if you are an investor you can opt for a Hard Money Loan, but did you know there are loan programs for people with an ITIN?
Did you know that if are a DACA recipient or are currently in the US with a Work Permit you are eligible for a mortgage? During your initial consultation with one of our specialists, we'll determine which route would be the most appropriate for your particular case.
Most people believe that you need to have PERFECT credit to be able to qualify for a mortgage, but what is a perfect score and is it really needed? Did you know that there are programs that would help you qualify with as little as a 580 FICO?
During your consultation your specialist will help you with ways to improve your credit score and address any possible blemishes that could impede you to qualify for a loan.
Your Income and Debt help the lender determine your DTI - Debt to Income Ratio - which in turn allows them to tell you what you might qualify for.
Lenders analyze your income ( how much money you make ) by reviewing your paystubs in case you work for a company or your tax returns if you are self employed or receive a 1099 at the end of the year.
Money that is not being reported cannot be used for income. Part-time jobs with less than 2 years experience are also not going to be considered.
If you are buying a multi-family property, the lenders are allowed to use a percentage of the future rents as qualifying income.
Your Debt is a very important factor in the Home Buying equation. Lenders use your total monthly payments as a way to determine your DTI. Keep in mind that DEBT payments are different that monthly EXPENSES. Cellphone, Cable, Electricity etc. are not being counted towards your monthly debt payment but CREDIT CARDS, CAR PAYMENTS, STUDENT LOANS, ANY TYPE OF LOANS, CHILD SUPPORT etc. are.
Remember, the lender only uses the minimum monthly payments in their calculations not the balances. Your specialist will help you analyze your DTI and instruct you if any balances will need to be paid off.
SHOW ME THE MONEY!!! Lenders will ask you for copies of your bank statements to make sure you have enough money for your DOWN PAYMENT - a minimum investment certain programs require - and the CLOSING COSTS. Your Down payment amount will vary depending on the program you are using and the type of property you are looking to buy, but today there are programs that require as little as 3 to 3.5% of the purchase price. When it comes to the closing costs the most common are banks fees, title fees, escrows ( for taxes and insurance) and Homeowners Insurance.
There are cases where you'd be charged POINTS (a fee for lowering your rate below what is being offered) but that all depends on your particular situation; your lender will go over those details if it applies to you.
YOUR STORY is YOUR STORY and lenders and underwriters take full consideration of that.
Work History, Education, Drops or Increases in your salaries or commissions, change in your field of work or how many times you have moved in the past few years can all impact an underwriter decision to approve your loan. The way you pay your debt, what collections you have - if any - and how you have paid them back will also be analyzed as risk factors.
During your first meeting with one of our specialists we are going to build your story, address all possibilities for denial and help you prepare to look your best and get the best deal and treatment in town.