How does one determine what one can qualify for when purchasing a home?
455420
A common misconception when buying a home is that you are supposed to contact the Realtor 1st.  Unfortunately, even Realtors will tell you this.  THIS IS NOT TRUE!!!  The Realtor does not negotiate the interest rate with the bank.  The Realtor does not do the paperwork with the bank to get you pre-approved.  The Realtor does not have discussions with the underwriter to plead your case....etc...etc...etc...  The mortgage company does these things.  The Realtor does not.  Please do not contact a Realtor for a mortgage, please.\n\nAs far as getting pre-approved and what you need, please contact me and I can get you pre-approved in a matter of 24 hours or less.  Contact me at timothy.kazee@americanhm .com and we can talk.  See ya soon!!!!
1039619
I am not a one of those that think you should place a lot  of money if any down on a home. All interest is tax deductable over the course of the loan no matter how large or how small, the interest is.\n\nYour credit score will determine if you are qualified to purchase a home with little or no money down. The higher your credit score the less you have to put down and if you are at the level of having to put no money down all and good.\n\nThe only way that you can find out if you are qualified for a loan is to find a mortgage "Broker" take one month of each of your pay stubs, 6 months bank statements from each bank account. W-2 form for 2 year and fed income tax for 2 years for each of you,as well as  6 months statements from any 401k program the both of you might have from your employers. Take your drivers lic and social cards or at least a copy of each.\n\nNow you will have lots of paper work to complete, but he will assist you. Not to worry you will get through it in fine fashion.\n\nThis mortgage "Broker" will get a credit report for the both of you , after which he will be able to tell you what type mortgage you are gualified for. He will be able to tell you if you are qualified for a 100% loan or not. He will also be able to tell you how much home you can afford based on the amount of money you guys earn each month and the amount you guys pay out eacch month.\n\nThe important thing for you to concern yourself if to get into a home with little or no money. The interest rate is important, but don't let it be a deterrent  from you purchasing a home. Because your brother or friend got one rate does not mean you are going to get the same rate. Each person's credit is different and each person's credit score is different so don't expect the same loan.\nJust remember all the interest you pay on your loan is tax deductable.\n\nOnce you have been pre-approved by your "Broker" he will fined a real estate person he has worked with and has a professional realtionship with to assist you in finding you a home. \n\nOnce you have found a home, the real estate person will then get you a purchase contract, an appraisal for the property,  have your mortgage "Broker" open an escrow or closing agent for you. He will give all the paper work to your mortgage broker who will take another 10-14 business days to complete your mortgage.\n\nWhen you go to your closing be prepared to sign lots of documents and other items that are required by the federal, state and local governments.\n\nNow that I have told you how to go about getting a home for the both of you, do you plan to get married before you purchase the home or after.  \n\nMy advice is to purchase the house after the marriage. I have seen so many purchase a house before marriage. After they purchase the house something happen and a breakup occurs. There are lots of legal things in the air, especially the house and who gets it. One say they paid the most on the mortgage and want to give the other a few $1000,00 for them to move.\n\nI know that you didn't ask but I wanted to pass on some experience and knowledge I have gained over the years.\n\nI suggest you check with your tax advisor on your tax situation and other tax questions you might have.\n\nI hope this has been of some use to you, good luck.\n\n\n"FIGHT ON"
378574
check with a realtor in your area/ they can tell you where to go/
756088
Previous answer is correct in that this is a commercial loan rather than residential.  There is a much more involved process in qualifying for the loan because, in short, not only do you need to qualify for the loan, but the building itself needs to qualify as well for lack of better terminology.  Many lenders will want to see not only your income but also the tax records from the previous owners showing the income of the building...the Schedule E, which you should want to see as well if you are considering buying.\n\nOne option that is more common on commercial property is for the current owner to do what is called a carryback, where in order to finance more of the building, they will hold a mortgage for anywhere between 5-20%.....that's a general rule, you may be able to convince them of more....and the terms of that mortgage would be between you and the current owner.  \n\nAny commercial loan officer should be able to help you out.....make sure you intrview several and go with one that has been in the business long enough to know all the ins and outs.  Also make sure you go with one that specializes in Commercial properties versus residential.  If you know a good residential lender, they should be able to refer you to a commercial  lender.\n\ngood luck!
515573
Don't do as charmed suggested! Verification of employment is not just a phone call-its tax statements, W-2's, etc. You do have to show ability to pay, if your not working, are you drawing a pension? Social Security? You would qualify as long as your income ratio and payment are fine. Otherwise, you do have to have steady, monthly income. \n\nBasically if you are on a pension of $1000.00 a month, with utilities, food, phone, insurance, etc are around $600.00 a month, and the home equity payment would be $ 300.00,  it would be iffy, as they look at disposable income for auto expenses, clothing etc. \n\nDon't know enough of your situation to advise if you would or would not qualify.  There is also appraisal fees that you must pay up front to get an exact value on your home, they do not go by the PVA assessment, they go by the condition of your home and others in your area, their selling prices, and how long they have been on the market.
397583
It depends on your profile. Your credit, income and FICO score will determine the route that are available for you. In some cases, you don't have to place anything down and just pay for the closing costs. In others, you have to place down a percentage of the purchase price. You should research various loan programs to determine the amount that you will be required to place down on a property. Once you have established that, then go out and find a seller that is willing to accept those conditions. Again, it really depends on your profile to answer your question with true accuracy.
241498
Contact your city's hosuing authority, tell them you would like to list a house with them to rent... then they will put you on a list...people will contact you to look at the property.  You screen your own applicants.  Generally it is best to not try and collect a full deposit from then (25 to 50% or none).  Section 8 will then inspect the house and make sure it is up to code.  Then, the applicant becomes your tenant, they pay you a copay (for a three bedroom house it could be like $125 dollars) and the government sends you a check for the rest.
933271
I would check with your accountant. I believe you have to prove that you have to prove you are in the real estate profession such as agent, property manager etc.
170727
You are allowed to buy property.  There is no requirement to show your status for any purchase.  Financing the purchase would be more challenging since you would not be able to prove your income.
927511
Contact an organization, usually a non-profit backed by a large group of corporate volunteers, that builds houses for people. Usually you'll have to qualify as lower income.\n\nFor example being a teacher working in an expensive neighborhood.
420690
Different cities and states have different programs and laws so talk to a professional in your area. Mortgage brokers, realtors, financial planners and accountants would be good people to check with. Make sure you get several opinions because some people make money based on what kind of loan or program you end up with and may not have your best interest at heart.  Many community colleges offer a one or two night class in just this topic so check to see what is available near you.\n\nAvoid an ARM or Adjustable Rate Mortgage--- some banks offer you very low introductory rates to get you to sign the loan, and as the Prime Lending Rate increases, so does your payment. Also avoid any loan that has any clause about you not being able to refinance or sell the house within a period of time--- these usually carry stiff penalties (several thousand dollars) if you need to get out of the loan for whatever reason.  Watch out for Interest Only loans, too. These only make sense if you are only planning on being in the home for about 3 years; otherwise, when the Interest Only phase runs out (usually after 5 years) your payments skyrocket, and you have little or no equity in the house to borrow against. You don't save that much during the interest only period anyway.\n\nIf you have an IRA or 401(k) retirement account, you can withdraw up to $10,000 to go towards the purchase of your first home, without any penalties.  This is a good thing!  Also explore loans OVER the selling price--- for example, you find a house that is $100,000 but you get your mortgage for $110,000. That $10,000 difference is what you pay your closing costs with.\n\nThis is a big financial decision so make sure you get a LOT of advice and information and consider it all very carefully. Don't spend all of your available savings making that down-payment; you're going to need ready cash as you move into the house, for unexpected repairs, furniture, etc.
603665
To buy a home, the requirements depend on the mortgaging bank.  They can have points, but they can also have no point programs offering higher interest rates.  Inspections are not mandatory, but I'd have one done, especially given the high housing costs at the moment.  Attorneys are not always necessary, but I would suggest it - a notary public must sign papers from any online mortgage transaction--town clerks usually will do it without issue.\n\nAppraisals are necessary and arranged by the bank.  (My last appraisal cost $300.
54184
More than likely you will obtain a conventional loan where you desire to purchase. This will be a new mortgage.\n\nYou may want to pre-qualify with a lender of your choice and be given the mutiple of options.\n\nMore than likely the loan will be secured by the property itself.\n\nBest to you
103761
To add to the state requirements your state would impose, sales experience helps.  Also, talk to people who have purchased a house.  Find out what was good about an agent they used, and what they would have liked their agent to do, but he/she didn't.  Also, a knowledge about the market you wish to work in is invaluable.  Start paying attention to what your market is doing before you get involved so you can jump right in, and not spend the first few months trying to figure out what to do.
158138
I am a Realtor.  I ask qualifying questions to make sure that the buyers I am working with can purchase the homes we are looking at.  I have never asked for bank statements.  However, a lender will have to have them to send the loan to underwriting to document your income.  That is just part of the application process for a loan.  A good real estate agent will ask qualifying questions in order to keep from wasting everyone's time looking at homes you cannot afford.
855992
Go to the Department of Housing for whatever county and/or city in which you wish to purchase a home.  Some cities and all counties have down payment assistance programs that will provide up to 10% toward the buyers down payment or closing costs.  Good luck!
589026
Look for ads for homes with lease options available. Sometimes if a house has been on the market for a while, the seller will consider the lease option to move the property. \n\nMake sure you will be able to buy within the 6 months or year you have on your lease. It might take longer than that to clean things up enough to qualify for a mortgage. Also have your lawyer look over the lease and the option language, it's important. Get as much of the lease payment paid toward the purchase as you can, too.\n\nBest of luck.