We've often been asked to show a home, setup a tour to view homes or to provide automatic email so people can see homes the same day they are listed. Sometimes while showing a house our clients fall in love with the home only to find out later that the monthly payments are too much to handle. Many times this reality results in dashed hopes, dreams falling by the way side (even if for the now) or expectations gone awry. Worst yet clients are sometimes told that due to credit issues or their debt to income ratios they simply aren't able to purchase any home at this time.
We can't stress enough that the first thing any potential homebuyer should do before looking at homes at all is to get pre-approved! In today's ever changing market becoming pre-approved can be a challenge. With all the recent mess the financial institutions are still adjusting. Today 1/3 of all homes in the Treasure Valley area are subject to short sales or they are foreclosures. The process of contacting several lenders to review your financial information will save you headaches, heartaches and overall frustration. A bit of a warning here in that all lenders are not created equal! :) You've seen commercials promising this or that from national lenders and then there's the signs promising "no down payments" or "bad credit, no problem live here today." Like the old saying goes if it's too good to be true then usually it is so! We work with straightforward, local and helpful lenders so if you need a few names and numbers don't hesitate to call or email us.
Good lenders not only provide you with options but also review what monthly payments approximate based on good faith estimates. In addition if you are not in a position to purchase a home these lenders will go the extra mile for you explaining what steps to take to better your position to purchase a home whether that be 6 months, 1 year or even longer. Don't give up the dream of homeownership. We've worked with clients that had high debt to income ratios but after consolidating their loans and paying off a few items they were pre-approved. We've seen people with year old bankruptcies wait 1 more year and then purchase homes. Many people have credit related issues and it's important to review their report in detail and remove the items that have either been paid for or perhaps are not actually theirs to improve the overall score. In some cases this can take a few weeks, while other times it may take months or years. Remember credit repair is very doable and we've seen first hand clients that were pre-approved within weeks of obtaining, reviewing and correcting their reports.
We always say that when purchasing a home it must be right for you. This means that you must love the home but also you must be comfortable with the monthly payments. There's a home out there for everyone. Even if it takes weeks, months or a year plus homeownership is within your reach. The first step is to get pre-approved for financing a home through a lender that is knowledgeable, helpful, straightforward and will take the time to help guide you through the process.
This Loan Application Checklist can serve as a guide. Just as important and helpful is reviewing the Overview of The Purchase & Sale Process. If you're considering purchasing a home in the near future we strongly suggest you save money now. How much will depend on your credit scores and the type of lending program you qualify for and/or select. 100% financing is basically gone so whether it be 3%, 5%, 10% or more that is needed the key thing is to save now!
Our services are always focused on helping you. Email or contact us for more information.
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