Changes in the real estate and mortgage industries are always up and coming.
Do you know what you need in order to buy a home and apply for a mortgage?
1) Your credit score and report. Do you know it and what is on it? If you ran into difficult times and may have not always paid on time or could not pay at all how long ago was is and did it go into a third party collection company? By contacting the agency they can give you the details on the account. It might make sense to settle the claim by paying them a smaller amount so you can be one step closer to purchasing a home.
2) Here is the NEW BIG CHANGE!!!! DEBT TO INCOME RATIO = 43 % Here is a link giving you an example from Consumer Financial Protection Bureau. What kind of debt do you have car loan, student loans, credit card, etc. This right here needs to be kept in check.
3) Paperwork: 2 months of Bank Statements, 2 years of tax returns, Assests balance sheets. The Mortgage underwriting departments may request more statements.
4) Verify employment: 2 years at the same job or industry and if you are self employed make sure you can prove it.
5) Work with a mortgage representive that you either have been referred to or your real estate agents knows. There is nothing worse that when you have a mortgage company that doesn't know what they are doing or just doesn't do it!
Whether You Are First Time Home Buyer or a Current Homeowner looking to make a change this year chances are the mortgage process is different!
Contact Me and I will put you on the right path !
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