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Seriously, we don’t want to see cash in a mortgage transaction. In fact, we can’t use cold hard cash, but we will need to verify your assets and there are some, like cash, that aren’t acceptable sources for down payment or closing costs. There are other sources, like gifts, down payment assistance or closing cost assistance for eligible first time home buyers that may surprise you!
It won’t seem strange to most to know that we will be assessing your income situation when you apply for a home loan. The average person believes that it makes sense that we know you have the capacity to repay a long-term monthly obligation like a mortgage with reasonable amount of verifiable monthly income. There are however, a number of different things that most home buyers don’t understand about income qualifying for a mortgage. There are things we count and things we don’t count when considering your income and a few of them may surprise you!
Taking it, giving it, extra…these are common types of credit that most of us don’t mind encountering. Yet there’s another type that follows us everywhere that requires a lot of attention – and makes a lot of people nervous: Our personal credit scores. With real estate and mortgage financing making news for several years straight and the widespread effects they’ve had on the economy, credit is getting more attention than ever before. Important things to know?
You’ve read it on the web, seen it on TV and heard on the radio. Quite possibly, you’ve felt the results of it in your own life. Credit. A lack of credit, negative credit and positive credit. Credit, credit, credit and more credit. It’s everywhere. Know your credit score, know how to improve your credit or keep your credit in good standing. In spite of all of the advertizing, I believe there still isn’t enough accurate credit education available to consumers today. I know there’s a lot of confusion about what to do and what not to do.
My vision in providing home loan financing is to be certain that I am helping people to achieve three very specific goals – Strength, Security and Stability as they become home owners or continue on in home ownership. One of the ways we can be sure to accomplish this is to be certain that you will be comfortable with the monthly payment and other expenses long-term.
Whether you are a first time home buyer or a home owner looking to purchase a new home, there are a few simple exercises that I believe are fruitful for anyone to go through when looking at financing a new home:
Many home buyers, particularly first time home buyers, don’t have enough money saved to cover their down payment and all of their closing costs and pre-paid items. What are these amounts, what do they cover, and will the seller pay?
Must, mold, curled shingles, broken glass, chipping paint, missing copper pipes, a broken toilet, pet soiled carpets, a furnace that needs replacing and no hot water heater. No, these are not a few of my favorite things, and I’m guessing they aren’t yours either, but they are a few of the things first time home buyers are seeing when they’re shopping for their first home in Minnesota today. Particularly when looking at vacant, foreclosed or short sale properties.
If you’ve been thinking about waiting until Spring to buy a new home or possibly your first home, that’s alright, we’re likely going to see things hang out in the general range we’re in now, but there are some things you may want to consider if you’re thinking about waiting longer and, some other things that may help you to understand why right now is a great time to buy a home in Minnesota.
If you purchased or refinanced your home within the last 10 years in Minnesota, you could very well be asking yourself the question, is moving today the Right Move? The answer truly depends on your individual situation and the answers to a host of questions. For many people today, selling their current home has become not a question of should I sell my home but can I sell my home.
There are a number of other reasons that buying your first home or moving up into a new home may make sense today including the record low interest rates that continue to hold and the fact that home sales in Minnesota are on the rise. If you have a home to sell in today’s market, home buyers need new inventory to look at – what’s out there is becoming stale and new homes on the market are being scooped up quickly by eager first time home buyers and move-up home buyers alike.
Watch this video for information on the upcoming First Time Home Buyer Class
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