Homebuyers in O'Fallon Mo need to do a self evaluation.........

Homebuyers in O'Fallon Mo need to do a self evaluation.........

And in this self evaluation they should look at themselves through a mortgage lender's eyes.

We all know what the national news media is saying about the housing market and, to paraphrase them, how bad it is.  Let me just say that all real estate is local and should be looked at it in that frame of mind.  The market in California is not the same as it is Wisconsin and the market in Florida is not the same as it is in Missouri.  However, there are areas within each marketplace that are doing real well.  The best way to know what is going on in your area of the country is to contact your local REALTOR® to truly know what is going on.  But, I digress.

If you are looking at buying a new or first home in the New Year here is a point that you may want to consider as you begin the process.  You may want to do a self evaluation through a mortgage lenders point of view.  Look at these 5 points and see how you rate:

1)   Ability to repay the loan

       (a)   Income-The amount of money coming into the household

       (b)   Employment-Do you have a job and how long have you been there.

2)   Assets

       (a)   Liquid- Savings, checking, CD's, etc.

       (b)   Other-Personal property, real estate, etc.

3)   Liabilities

       (a)   Revolving and Installment accounts-You will want to reduce any outstanding amounts

       (b)   Child support and alimony payments

       (c)   Pledged assets, unsecured loans

4)   Attitude toward repayment

      (a)   Credit report will show how diligent you have been in keeping your obligation to repay any outstanding loans

      (b)   Explanation of derogatory items (judgments, late payments, tax liens, collections, etc.)

      (c)    Mortgage history rating

5)   Qualifying ratios

      (a)   I would suggest that you contact a reputable mortgage lender to talk about this area of your self evaluation and let them give you the current information about qualifying ratios.

 An easy way to do this self evaluation would be to contact a reputable mortgage lender and talk with them about these items.  They will be able to let you know what areas of your buying power are weak and need some work.  In addition there are some programs that may be available to you to help with down payment assistance as well as the possibility of MHDC money for first time homebuyers in Missouri.

Remember if you are looking for a new home in O'Fallon Missouri or anywhere in the greater St Louis metro area give Don Rogers a call at 314-954-6775 or send me an email at Don@DRogersHomes.com and we can begin the home buying process.  There are still plenty of homes in the St Charles County area in all sizes and price ranges so give me a call.