ABOUT BUYING A HOUSE
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QUALIFYING FOR A MORTGAGE LOAN
• Enough money for the Down Payment (3 to 20% of the purchase price)
• Two years of steady employment (same job or field)
• Good (not perfect) credit score (~650+, as of 6/09)
• Monthly income that's 2 to 3 times higher than your expected monthly
mortgage payment (ie. 1,000 mortgage payment 2-3,000 monthly income)
CLOSING COST FEES
In addition to the down payment, you'll also have to pay closing costs -- miscellaneous fees charged by those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a surveyor, local government offices for recording the deed, etc.). The amount varies, but could be, say, $6500 on a $130,000 house. The range is all over the map though more typically 5-7%. This does not include the down payment.
Your lender will give you a more accurate estimate of closing costs on a particular house you've selected. This is called a "Good Faith Estimate”. If they don't give it to you, ask for it.
BUYERS: I Sell
New Homes, Resale Homes, Condo’s, Townhomes and Duplex
I Lease
Homes, Condo’s,Townhomes and Duplex
My Fee is Free as Your Real Estate Agent
SELLERS:
If you are interested in selling or leasing your home call or email me for a free consultation.
WHAT IS MY HOME WORTH?
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PROPERTY TAX RECORDS
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How To Buy A House
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1.Find a Realtor You Can Trust
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2.Analyze Your Needs in a Consultation
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3.Obtain Financial Pre-Qualification and
Pre- Approval from Mortgage Lender
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4.Select Properties
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5.View Properties
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6.Write an Offer to Purchase
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7.Negotiate and Counteroffer
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8.Accept the Contract
a). Schedule Inspections on Property
b). Remove Contingencies (if any)
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9.Complete the Mortgage Application
a).Credit Report
b).Appraisal is Ordered
c).Verifications
10.Secure Underwriting
11.Schedule Termite and Survey
12.Contact Title Company
a). Title Exam & Title Insurance
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13.Close on the Property
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14.Take Possession of Your New Home
POST QUESTIONS AND COMMENTS
Breaking News
First-time Homebuyer TAX CREDIT Extended
The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire Nov.2009. The bill extends the credit for contracts signed by April 30th and closing by June 30th. Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify. It also creates a new $6,500 credit for buyers who have owned their current home for at least five years. Homes worth more than $800,000 would not be eligible.
