Making Your Dream a Reality to Buy a Home

Do you ever imagine yourself buying a home? Do you think that this is a far away dream or a goal for the future? What do you see as the obstacles to making this a reality instead of only a dream? Often my conversations with interested tenants and potential renters are turned to have you ever thought of buying a home? Many of the answers are the same, “I don’t think I can qualify for a home.” Or “My credit is not very good.” Or even “I don’t have much for a down payment.” Did you know that many times it is possible to buy a home for less than it costs to rent or lease a home? Also the qualification process is rather quick providing that you have your documentation in order.
Most lenders require that you have 2 years tax returns and W-2’s, 2 months of bank statements, 30 days of paycheck stubs and 2 years on the job or in the same line of work. In many cases if you went to school for your line of work the school time may be able to be counted toward the lenders job time requirement. Also if you can show that you changed lines of work to improve your situation they may be willing to use that.
Many Veterans and individuals who have VA eligibility are not aware that this benefit is not a one-time benefit, and can be used more than once providing that if they have used it previously, that loan is paid off. In these cases, no down payment is required. Additionally some veterans are waiting to use this benefit on their “big home” or “dream home” when they are able to afford it and they do not need to do that. They can buy now and if they decide to buy again they can simple refinance and pay off the VA loan or if they sell the loan should be paid off anyway with the new buyers financing.
I always tell my clients that I wish I had a crystal ball and could tell what the future held, but simply put we do not and cannot. One simple method of determining what is going on is to see what the market is currently doing and at this moment we know that prices have be climbing. They may plateau for a while and then they could go up or down but when you are thinking of buying or making a move it may be time to re-evaluate your situation and possibilities.
Qualifying for a loan does not cost anything other than your time to gather the necessary information and it may be a good idea to have this information on hand anyway. Often you can be pre-qualified right over the phone in a short telephone conversation. This of course is contingent upon the lender verifying all the information that you have stated in the phone conversation. After that we could be looking for your next home that same week or even that day.
Another point to keep in mind is to not make any major purchases like a car or anything right before you are planning to buy a home. You should first get in touch with a lender to see what your possibilities are and remember that they look at a different score than you see as a consumer. It is even different than what a car dealer will look at. If you do not have a lender, feel free to contact me, and I will make a referral to one for you.
Most importantly, don’t put off a dream when it can be a reality sooner than you think. Call me today for your free information to find your next home!