Real Estate Services Obtaining
November 8, 2017
There are currently over 100 different ways that you can finance a property . We have all types of Bank financing as well as a great deal of owner financing, and non-qualifying assumable loans as well.In order to qualify for a new bank loan, you will need to have good credit as well as two years of verifiable employment.
As so many people are moving in from other areas, and are just starting new jobs, or in some cases have had credit problems in the past, this tends to make it difficult for many people to purchase a home.For these reasons, we specialize in finding properties with either non-qualifying assumable loans or owner financing.
To put it simply. – Don’t worry. No matter what your situation may be, you will be able to own a home here. As long as you can come up with a down payment of as little as five thousand dollars, you can purchase a home here immediately.Even if you can’t come up with a down payment, We can still get you into a home. We have properties
available that can be purchased on either an installment sale or by lease option/purchase.
Once again. No matter what your situation, you can most likely own a home here. Just give us a call, and we’ll show you how.
NOTE:The best loan officer we know Mortgage. A good guy and really knows his stuff (he’s also generally got the best rates in town). Since we’ve been working together so much this past year, we finally got him to get on the net.
If you would like to ask him any questions about financing or have him pre-qualify you for a loan .The banks grant loans by qualifying you based on a percentage of your gross monthly income as allowable for your mortgage payment. By the term mortgage payment we mean: monthly principal, interest, taxes, and insurance.The ratios and percentages used vary depending on the loan type and down payment.
Most programs will allow you to borrow an amount up to the point whereby your total monthly payment is between 28-35% of your gross monthly income and your total debt load, including your mortgage and other credit obligations does not exceed 36-41% of your gross monthly income.The banks also look at your past credit history, those people with the best credit will get the best rates, Those with some credit problems will sometimes be granted a loan at
a higher rate of interest. The banks will look at your employment history as well.
They like to see at least two years of continuous employment with the same firm. If you have been transferred here with the same company, this is rarely a problem. However, if you are starting a new job, this can be a issue. If you are self-employed, this can be a nightmare.
When applying for a new loan, you will need to supply the following to the bank: 2 years tax returns or W-2’s 3 months bank statements 3 pay stubs Photo ID Social Security Numbers Copy of purchase agreement complete list of debts complete list of all assets Marriage license/divorce decrees These are just the basics, some banks will ask for a lot more. So make sure that you bring these documents with you when you come house hunting, don’t pack them.If any of this information is a problem, or you just don’t want to disclose it, you should plan on purchasing with owner financing or by assuming an existing loan.
You should understand however, that at this time, new financing will carry a slightly lower rate than most existing or owner financing alternatives.