• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

The 3 different types of home buyers

March 12, 2021 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
how to buy a home

In today’s market to be successful in getting mortgage financing you need to be realistic about what you can afford what you can expand and what your financial situation will support. Hear 3 different ways to look at buying a home so you can figure out where you are in the bigger picture of things in relation to your family goals…

There three home buyer classifications A, B  & C. Starting from the bottom up, the classification someone who gets prequalified and for whatever reason, they have a certain idea of the type of house they are looking for, maybe that house is so specific and so unique to their goals that maybe only 1 or 2 houses of this type of fall into their search criteria once per year. The property pops up on the market there are multiple offers bidding the property way above the asking price and this person sits without a house because their expectations are out of alignment with what the market will support. This is maybe home buyer at best.

Then there are B buyers who are people who are preapproved and are looking, and the right house falls in with their alignment they will proceed and make an offer. Maybe this person has expectations in alignment with what the market supports in relation to their financial ability. They’re actively making offers, getting their feet wet and, have expectations supportive of making their dreams a reality. These buyers typically take anywhere from 6 to 9 months to find a house sometimes faster sometimes longer but on average 6 to 9 months.

Then there is a Buyers. Buyers are the people who are actively looking for houses and making offers looking at houses at least on a weekly basis and are doing what it takes to get into a contract on a house because of their desire to pursue a home and/or get a tax benefit and/or have a place for their family to live exceeds their current situation.

To be successful in your home buying endeavor it would be advisable to be in the classification group of at least A/B buyers more specifically in A buyer group because the C buyer often finds themselves coming up short because their expectations are so largely out of sync with what the market supports. Getting into a contract on a house is a numbers game. Part of your ability to be in any classification of homebuyer starts with a solid preapproval giving the lender everything needed.  Not just a few things, but everything in full so they can best position you for success. Maybe it means paying off the debt and doing a little bit less down payment to move from to different home buyer classification or getting a gift from family. Whatever the case let the math align to what the market supports.

Looking to buy a home? Get a no-cost quote today!

Related Mortgage Advice from Scott Sheldon

  • payment to income for a car loan mortgage
    How the new tax plan may affect Sonoma County home buyers

    On December 22, 2017 president trump signed into law the new tax plan changing the…

  • What programs are available for first time home buyers today?

    This depends on a few factors such as your credit score, income and assets. We…

  • expecation every home buyer should have
    Expectations home buyers should have in today's mortgage environment

    Getting a mortgage is every bit as arduous as you might think. The paperwork can…

  • The Top 3 Home Buying Mistakes Buyers & Realtors Make When Securing A Mortgage

    Purchasing a house is one thing, successfully closing escrow on a purchase mortgage loan is…

Filed Under: Uncategorized Tagged With: FHA home loans, home buying, how to buy sonoma county real estate, Low Rates, mortgage payment, preapproval to buy a home, qualifying for a mortgage, Sonoma County home loans, Sonoma County Mortgage Rates

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window