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Buying a home is the biggest investment for most people. I recommend that you have a "Pre-Flight checklist" for successful home buying process:

1. Improve your credit score. The higher the credit score, the lower your monthly payments. Strike for at least 780 and above, then 720 and then 680. If you have sometime before buying a house, here are some tips on how to increase your credit scores
2. Determine what you can afford.  We use standard underwriting guidelines called Debt-To-Income ratio to determine the maximum loan amount. Please use this online calculator to estimate yours. Please contact me to firm-up your quote.
3. Save for down payment and closing costs. In general down payment between 3% to 20% of the home's price is required. Contact me for 1% down payment program. We can offer you FHA, Conventional, VA or USDA programs.
4. Built a healthy savings account. Building your savings is something you should do over and above saving money for the down payment and closing. Though not required, we would like to see three to five months worth of mortgage payments set aside. A good rule of thumb is also to set aside 2% to 3% of your home's value for upkeep and maintenance. Please call me to inquire about FREE home warranty.
5. Stay put at your employment for at least 2 years. You can move upwards. Overtime and second job must be proven by 2 years employment history as well.
6. Get Pre-Approved for a mortgage. Once you are ready to preview properties - please contact me for Pre-Approval letter
7. Buy a house that you like. In today's seller market - you might have to have some concessions.

Here are some additional tips from our previous clients that we have assisted in obtaining home financing.


Posted by Sam Kader on October 2nd, 2016 9:22 AM

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