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Buyers

Important Questions and answers when buying a home.

The Buying Process:

How to Enter the real estate market

Understanding the local real estate market

Determining your budget and getting pre-approved .

It’s important to know how much you can afford before you begin actively looking for a house. It’s very tough looking at homes you cannot afford. If you end up liking one and cannot get buy the home it can be heartbreaking.

How do you get pre approved?

We have a few experienced mortgage lenders who can answer your questions and guide you thru the loan process and get you pre approved so we can help you find act on a home once you find your dream hou..

What will the lenders want from me? Employment history

  • Credit reports
  • Financial documents
  • Annual income
  • 1099 income, self employed Ect

This will determine the interest rate the lender will charge the buyer and offer the borrowing loan options such as FHA-VA-Conventional, Will the seller offer contract for deed financing if I cannot get approved? Some sellers will offer owner financing but most want to cash out. Contact us we can help guide you thru this process if you cannot get a mortgage the traditional.

Types of loans

VA loans are backed by the Department of Veteran, Affairs, and they are guaranteed to qualified veterans and active-duty personnel and their spouses. VA loans can be approved with 100 percent financing, meaning VA borrowers are not required to have a down payment. Unlike FHA loans, borrowers do not have to pay mortgage insurance on VA loans, but may be subject to a funding fee (paid by the seller or rolled in to the loan).

FHA

FHA loans are insured by the Federal Housing Administration and are typically design. to meet the needs of first-time homebuyers. FHA loans require a down payment of as little as 3.0 to 3.5 percent of the sale price of the home. Because the agency is taking on more risk by insuring these loans, the borrower, are expected to pay mortgage insurance and the property must be owner-occupied. An FHA mortgage insurance premium (MIP) is calculated annually.