New Year, New House
Yep, 2021 is in the past and new year means new goals…if one of your goals is to purchase a home, here’s a few points to start preparing:
1. The down payment – For first time homebuyers, the minimum down payment is 3% of the sales price and 5% for previous homeowners
2. Your credit score – Most loans are going to require a 620 credit score to qualify but FHA loans will allow as low as 580. Ultimately, the better the scores, the better the deal so pay attention to your bills
3. Your debt to income ratio – When qualifying, lenders look at your monthly income vs your monthly out go. If you want to buy your dream house, maybe hold off on buying that yacht til after you close!
That was the short list but there’s much more. Give us a call today to prepare yourself for your new home purchase!