Buying A Home

Whether you're a first-time home-buyer or a seasoned veteran, buying a home can be an intimidating process. With lending guidelines changing every day to saving for a down payment or the more complex 1031 tax exchange, you need someone in your corner that fully understands real estate as well as lending. Fortunately, I have over 25 years experience in both so check out my preferred buyer program and see how you can benefit .

 As a first time home-buyer, you'll want to read my blog posts and get comfortable with this big step. Feel free to check out my Buyer's Guide as well. Yeah, you'll have to trade me your contact info for it but it's a valuable resource and there are few other Realtors more capable to walk you through the lending and real estate process. Either way, you need to get "right with your money" before you start looking at houses.

 As a more seasoned home-buyer, you may benefit as well from the Buyer's Guide and reading my other blog postings because it's probably been a while since you last did this. Also, lending has changed so much over the last 5-10 years so you'll want to be pre-approved also. 

 Getting Pre-Approved

There's more to it than this page can handle but here's a list of things to consider:

1. Have you been employed in same industry for last 2 years
2. Are you self employed
3. Do you know the difference between a consumer FICO score and a Mortgage FICO score
4. Have you had a short sale/foreclosure or bankruptcy in last 7 years
5. How much do you have saved for down payment
6. Do you have student loans, deferred or not
7. Do you work overtime or earn commissions
8. Do you receive 1099 income
9. Have you gaps in your employment history
10. Does the house you're considering have Mello Roos or HOA dues
11. Do you pay child support or alimony. Do you receive it
12. Do you know that FHA treats alimony differently than Conventional financing
13. Do you have your full divorce decree handy
14. What about closing costs
15. Pre-approved or pre-qualified? What's the difference?

The answers to everyone of these questions begets 2-4 more questions. It's like peeling an onion (even the crying part sometimes). The point is, you're going to have to get financially undressed before we know what you can afford. With my 25+ years experience in the mortgage industry, you can rest assured you'll get through the process safely and without excessive costs. 

Paperwork

When you're ready, here's a list of paperwork/items you'll need:

1. Last two years Federal Tax Returns
2. Last two years W-2's
3. Current pay stubs covering most recent 30 day period
4. Last two most recent statements for bank account, retirement plans and 401k's
5. Clear copies of driver's licenses
6. Birthdates

By no means is this list all-inclusive but it will get you 90% of the way to the promised land. After you've compiled this paperwork, we'll need to talk. Ten years ago underwriters believed everything you said. Today, they don't believe anything. You have to prove everything, from a larger than normal deposit in your bank account to why you had a 2 month gap in employment. Knowing what an underwriter will ask for and knowing how to answer it BEFORE they get your file many times will be the difference between yes and no. 

When you're ready, email me. Text me. Call me. Ask a million questions. Get comfortable. Know you're working with an ally. Once we're "right with your money" we can confidently bid on houses knowing we can close on time and guaranteeing the seller the same. Other agents know my offers have been vetted by a lender and they're more willing to accept my offers because of it.