RUN, don't walk ---- PART TWO OF SIX
FIRST TIME HOMEBUYERS: IT'S A BUYERS MARKET
How Much Home Can You Afford? Unless you are paying cash, you need to be Pre-Qualified by a lender before, looking for a home, to determine what amount of a loan the lender will approve. (Most lenders do NOT charge for this and there is no obligation) This will allow you Realtor to search for homes that you are qualified to purchase. Your Realtor will be able to give you several names of lenders that they have worked with in the past, if you do not know a lender to contact.
As a very general rule of thumb is that your housing costs should not be more than 28 percent of your gross monthly income. Lenders will usually require a two-year steady work history, but you could still qualify for a loan is this is not the case. They will consider all of your other debts when assessing what you can qualify for. They will also need to know how much if any down payment you have to put towards the purchase.
Information Provided by:
Doris M. Freeman - Sherri L. Smith
615-438-3221 - 615-557-2070
"TEAM MOTHER DAUGHTER"
If you interested in finding a home we have Sumner County Houses for Sale, or Wilson County Houses for Sale, we can find you a home in Madison-Goodlettsvile, Hendersonville, Mt. Juliet, Brentwood and even Nashville Houses for Sale. We could find you that Luxury Home, Farm, Lake Homes.
You can view them all website and even search the MLS Free!