Purchasing a Property
Before
you begin looking at homes, make a list of your priorities – things like
location and size. Should the
house be close to certain schools, to your job, to public transportation? How much space do you need? What type of lot do you
prefer? What kinds of amenities
are you looking for? The
answers to these questions will help you find the house that meets your
needs.
What is the maximum loan
amount I could qualify for?
The
lender considers your debt-to-income ratio which is a comparison of your
gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include debts
such as your auto, student loan payments or child support. The lender also considers cash
available for down payment and closing costs.
Should I find out what my
credit scores are?
Yes!
Your credit history is collected by 3 different credit bureaus. When you make an application for a
home loan, the lender will get a credit score from each of the three credit
bureaus. They will use the
median (middle of the 3) as the score with which they will underwrite your
loan.
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