If you hear a lender toting they can preapprove you in just a few minutes, stop and run in the other direction- fast. A real pre approval is much more than a loan application and credit report. What to know before jumping into a home… A Traditional Pre Approval Includes The Following: you’ve submitted an…
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Demand for housing remains strong as we enter this spring season. Renters are finding buying a home may even in some cases be less than renting. If you don’t have a lot of cash are looking to purchase your first home this year read on…. How Much Cash You Will Need Hint- it’s less than…
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Generally no-in order to get a mortgage these days you must be able to support an ability to repay. An ability to repay the debt by virtue of having income to offset the liability is what home lenders look for. When purchasing a home, bank on providing tax returns, W-2s, pay stubs and bank statements.…
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You will need to have a middle credit score of 620 or better for an FHA mortgage. Additionally, this is for single-family residences and you have to have two months of mortgage payments saved/liquid in the bank. 620 FHA credit scores are good I’m purchase transactions on loans to $417,000.
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The two types of loans offered by a local mortgage lenders are conventional loans and FHA Home Loans. We are going to be discussing FHA insured loans and some of the changes the Federal housing finance agency has put into place for local lender financing. As a local Santa Rosa mortgage lender, I can offer…
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