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First Time Homebuyers Programs

First Time Homebuyers Programs

So, in the meanwhile, go buy NOW and seek a “quick closing” or get yourself positioned for the proposed extension, which experts agree is going to happen.  The two big issues are credit and down payment.  To increase your chances for loan approval:

  1. Get your paperwork ready.You will need bank statements (usually the latest two months), W-2 wage and tax statements, and pay stubs (usually the latest two).
  2. It is best to have “too much documentation” that too little.Having all the documentation together will actually help to speed the process. 
  3. Check your credit score.The most widely used score is one called “FICO” (which ranges from 300 to 850).  Your score is based upon information in your credit report.  It is used to help lenders predict how likely you are to make your payments on time.  The higher the FICO score the better the chance your chances for a loan approval at a low-interest rate.
  4. If applicable, “clean up your credit score.”The best way to do this is to catch up on any late payments and pay off or pay down your debt.
  5. Be sure your down payment is where it can be “seasoned” in a savings or checking account.The lender wants to know that you have “skin in the game” (as they say) and that it is not money pulled from a credit line or place on a credit card at the last minute.
  6. Be aware of the required down payment on the loan you seek.The majority of loans today are from the Federal Housing Administration (FHA).  The minimum loan for an FHA loan is 3.5% of the total purchase price.  The FHA allows a gift from a family member, employer or charitable organization.  Most non-FHA-insured loans require a 10% down payment. 
  7. Check with your lender early in the process and have your “ducks-in-a-row.” before selecting the property you want.
  8. Call your REALTOR to begin the search.BTW, I am a great source to help you find a professional in your area.  I am the Designated Broker with over 1100 agents in 5 office locations across the Valley of the Sun.  Also, I can help locate an agent anywhere in the USA with my sources.

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