Description: This is an interview on how to get the capital to purchase the house, and how the banks and mortgage profession work to provide you the best mortgage which is suitable for you.
When you want to realize your American dream, you need to find the funds to finance you, you can turn to the people like Bowie. Now we are going to talk about getting the capital to buy the house.
We have a lot of money to lend, we are looking for applications, so now whatever bank you go to, you will be asked for a 20% down payment, which is a problem, most of the programs we have now require a down payment as low as three to five percent, there are also some programs out there like USDA and VA that don’t require any down payment. There are some programs which in most cases, a home buyer can get a gift from a relative that will go towards them.
Credit is only one factor that used to determine qualification there are other factors like how much debt do you carry against your income, what kind of down payment you’re going to going to put down, so a lender will look at all of those factors together to make qualification. Credit is important, an occasional bumps probably not going to disqualify you for getting along.
We’re looking for are the minimum requirements, minimum payments on things like your car loan, student loans things like that, we’re not going to look at your power bill or your cable bill, they ask for more choices where you got to pay the government back or they’re going to come get you. We don’t want to put you in a home where you’re going to be financially under pressure to make that payment every month, so I look at those ratios.
The most important and first thing that a homebuyer should do is to come find a licensed mortgage professional to get pre-approved, we’re going to look for problems that might come up later, but more important we’re going to help you identify a range of affordability. So when you go to your realtor, you can then tell them this is where I can qualify and save you a lot of time and effort.