Are You Qualified To Buy?
This is the number one question when it comes to purchasing real estate, even if you're paying cash. I'll tell you exactly why in just a few minutes...
Like most buyers who are applying for a home loan, you have to make sure, first and foremost, that you are "credit worthy". While there are SOME lenders who take a deeper look into WHY your score is the way it is, most DO NOT.
To take advantage of the best deals right now, your credit score needs to be at least 640. BUT that is just the beginning.
The next thing you need to consider is HOW MUCH DEBT you already have. This is a big one because you can have an 800 credit score, but your Debt-To-Income Ratio is at 75%.
What exactly does that mean? 75% of your income is going on debt and you only have 25% to spend on everything else (housing, utilities, insurance, etc.). So it's not hard to see why a lender would quickly deny your application with an 800 score.
The third thing that a lot of buyers have had trouble with is the down payment amount. Now, this varies greatly due to credit scores, loan products, and down payment assistance programs.
Depending on your situation, you may have to bring anywhere between 3.5%-20% down in order to close on your new home. Is this affordable for you? Are you in a position to bring this amount to the closing table?
Cash buyers have a few concerns too. The main question that you must answer is: "Will I be house-rich, but cash-poor after purchasing this home?" Will you have enough to purchase other needs and wants in life once this cash is used for the home?
Do you have more enough income on hand to pay for the taxes and insurance monthly and/or annually?
Please let me make this very clear: PAYING FOR YOUR HOME IN CASH IS AWESOME!
I've worked with and personally know several people who have done this and they are more than happy that all they have to pay for are the taxes and insurance.
Contact me if you are looking to buy a home in NC immediately or within the next few months. I can give advice on either financing a home or finding great deals on cash purchases.
Need help boosting your credit score or down payment assistance? No problem. I have lots of resources to share with you that will help you purchase your new home!
This is the number one question when it comes to purchasing real estate, even if you're paying cash. I'll tell you exactly why in just a few minutes...
Like most buyers who are applying for a home loan, you have to make sure, first and foremost, that you are "credit worthy". While there are SOME lenders who take a deeper look into WHY your score is the way it is, most DO NOT.
To take advantage of the best deals right now, your credit score needs to be at least 640. BUT that is just the beginning.
The next thing you need to consider is HOW MUCH DEBT you already have. This is a big one because you can have an 800 credit score, but your Debt-To-Income Ratio is at 75%.
What exactly does that mean? 75% of your income is going on debt and you only have 25% to spend on everything else (housing, utilities, insurance, etc.). So it's not hard to see why a lender would quickly deny your application with an 800 score.
The third thing that a lot of buyers have had trouble with is the down payment amount. Now, this varies greatly due to credit scores, loan products, and down payment assistance programs.
Depending on your situation, you may have to bring anywhere between 3.5%-20% down in order to close on your new home. Is this affordable for you? Are you in a position to bring this amount to the closing table?
Cash buyers have a few concerns too. The main question that you must answer is: "Will I be house-rich, but cash-poor after purchasing this home?" Will you have enough to purchase other needs and wants in life once this cash is used for the home?
Do you have more enough income on hand to pay for the taxes and insurance monthly and/or annually?
Please let me make this very clear: PAYING FOR YOUR HOME IN CASH IS AWESOME!
I've worked with and personally know several people who have done this and they are more than happy that all they have to pay for are the taxes and insurance.
Contact me if you are looking to buy a home in NC immediately or within the next few months. I can give advice on either financing a home or finding great deals on cash purchases.
Need help boosting your credit score or down payment assistance? No problem. I have lots of resources to share with you that will help you purchase your new home!
Purchasing a home can be exciting as well as scary. However, I am here to give you some tips that will ease your fears and concerns when buying property in the near future.
Contact me if you are looking to buy a home in NC immediately or within the next few months. I can give advice on either financing a home or finding great deals on cash purchases.
Need help boosting your credit score or down payment assistance? No problem. I have lots of resources to share with you that will help you purchase your new home!
Need help boosting your credit score or down payment assistance? No problem. I have lots of resources to share with you that will help you purchase your new home!
We specialize in helping renters become homeowners.
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5 MINUTES TO BUY
- Full Credit Analysis from a Lender is the first step in knowing which direction you need to go. A high credit score doesn’t automatically equal loan approval and a low credit score doesn’t equal automatic loan denial. Your Lender will give you FREE, valuable information from their Tri-merged credit report to explain what you need to do next.
- Financial Resources for a home purchase need to be established and set aside. Your Lender will be able to tell you which type of funds will be allowed or denied as part of your income and down payment.
- Upfront Buyer Costs will include Earnest Money Deposit, Due Diligence Fee (NC purchases), Appraisal Fee (depending on Lender), and Home Inspection. Please contact me or your Lender for exact amounts for each item listed.
- Seller’s Options include the right to NOT to repair or replace any item and sell the home AS-IS. Please contact me for specifics on what the seller MUST replace or repair for you to close the loan.
- The Underwriter has the final say on rather or not your loan will close. They will require you to provide extensive documentation to prove you can repay the loan.
***Contact me for personalized details concerning your home purchase***
Are You A First Time Home Buyer? Not Sure You Qualify For A Home Loan While In Bankruptcy? Are You A Service Member Or Veteran? Give Me A Call! I Have SEVERAL Programs To Help With Every Situation!
Phone: 919-948-5363
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Brown-Wright Realty is not a law firm, lender, mortgage servicer, credit repair company, or HUD-approved housing counseling agency. We do not provide legal, tax, credit, or mortgage servicing advice. We provide real estate guidance and help homeowners explore possible real estate options. For legal, tax, mortgage servicing, or foreclosure advice, please contact the appropriate licensed professional.