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Road map to buy a house

February 17th, 2018 8:48 PM by Sam Kader

Buying a home takes time, research, money, employment history and good credit score. Before you start the application process, use this online pre-qualification to estimate how much you can afford. If you have time - work on re-building your credit

Qualifying income includes income from your regular W-2 employment income, and other income such as  alimony, child support, automobile allowance, boarder income, capital-gains income, long term disability income, employment offers or contracts, foster-care income, interest and dividends income, public assistance, retirement, government annuity and pension income, royalty payments, social security, temporary leave income, tips trust income, unemployment benefits and VA benefits.  Click here for self-employment income

Bring in a co-borrower. Extra income allows you to qualify fir a bigger mortgage. Co-borrowers can be occupants or non-occupants. An occupying co-borrower lives in the home with you. A non-occupant co-borrower is more line a co-signer. This person does not live in the house but is responsible for the payments.  Please be advised co-signing for someone has its implications

Home financing options. Not all loans are alike, VA and FHA loans are more forgiving. Lower income borrowers may try Home Possible program. 

Strengthen you application by showing lower debt-to-income ratio, proof of regular saving habit and holding a job with excellent prospects. People with low to moderate incomes get mortgages all the time especially when they have excellent credit a decent down payment and money in the bank. Read more here.

Posted by Sam Kader on February 17th, 2018 8:48 PM

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