How much of a mortgage can I qualify for and what price of home would that be?
The amount of mortgage you qualify for will be based on debt ratios, ability to make a down payment, credit history, and after closing cash reserves. We will compare your monthly debt, including the proposed house payment + monthly installment debt such as cars, boats and RVs + minimum monthly credit card payments to your monthly income. We will also consider the other factors listed above. After such analysis, a maximum mortgage amount will be estimated. Usually we can estimate this with a high degree of reliability over the phone in about 15 minutes.
What will my monthly payment be?
Monthly payment will be determined by interest rate, loan amount and years to repay. The basis of these numbers is the result of question #1.
I have no money saved; can I still buy a home?
Absolutely. Most of my borrowers are purchasing homes for less than $1000 out of pocket. Many are purchasing for less than $500 out of pocket.
My credit has not been perfect; can I still buy a home?
Good credit is obviously a significant help. But I have been very successful in helping “credit challenged” borrowers purchase a home. If there are blemishes, we can often get people approved. But if the credit issues are too big to purchase right now, we help develop a plan to rebuild your credit so that in the near future you will be ready to own.
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