| We have good news for renters! A common obstacle today in purchasing a home is the impression that obtaining a mortgage is an awesome task. Before you decide you can't afford to buy a home, read the following information. The fact is, you may be able to afford your own home for about the same amount you are now paying in rent!
As your lender, we can guide you through the process of pre-qualification. This will give you an idea of your borrowing potential.
Here are a few areas that we will look at in determining your ability to purchase a home.
- Income - We need to determine whether your present and anticipated future income will be sufficient to support the payments of your mortgage, as well as other debts such as car loans, credit cards, etc.
- Employment - Along with your income, we will be evaluating your employment history for the past two years. For instance, if you have not been on the same job for two years, have you been in the same line of work, improved your position, or been a student? We will consider many different situations.
- Credit History - We will obtain a copy of your credit report to examine your credit standing. This will help us to evaluate your ability to pay back your loan. Generally, good credit history consists of prompt payments, with no outstanding judgments or liens. If there has been a temporary setback (due to an illness or job loss, for example), we can help you address and correct these situations in such a way that your credit rating will improve.
- Down Payment - Down payment requirements differ from program to program. We may be able to help you buy a house for as little as 0% down! Some programs will also allow you to receive a gift from a relative to help with the down payment and closing costs. Together we can determine the best approach for your needs.
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