What is my credit score?
You have three credit scores. Banks generally ask for the same basic information to determine your credit score. The lowest and highest are disregarded and the median score is considered when applying for a home loan. Speaking with a mortgage professional directly is the best way to find out your credit score. (You would be surprised how painless it is to determine your credit score.)
How much do I qualify for?
There are several factors that determine just how much you are qualified for and only after speaking with a mortgage professional can we truly know. Some of the factors considered are your credit score, income, debt-to-income, payment history, job history, etc.
What would my monthly payment be?
Depending on type of loan, amount of down payment, credit score, interest rate, etc. we can determine your specific monthly mortgage payment.
Is my credit score affected when I apply for a home loan?
Typically it is not. These applications are not what are known as “direct hits” like applying for a department store or gas card. The Federal government protects potential home buyers from having their credit negatively affected when applying for home loans. One reason is this provides them the opportunity to compare banks against one another and select one that fits them best. (ex. Rates, fees, services, programs, etc.)
Do you help with credit repair?
According to many mortgage professionals, very few people need formal “credit repair”, they just need a plan. Only after speaking with a mortgage specialist will you know for certain what your specific situation requires. Applying for a mortgage loan is different from applying for a vehicle or credit card.
How do I know I’m not buying a money pit?
As an ABR buyer’s agent I have a fiduciary responsibility to represent your best interests. You do not pay for my representation. I am compensated by the listing agent for providing a qualified buyer. I have pledged to guide and protect you throughout the process and beyond. My scope of service includes but is not limited to: researching the home’s history of issues and it’s providing as much documentation as is available. I schedule all inspections (home, termite, roof, electrical, electrical, septic, well, pool, etc.) and negotiate repairs to be performed by the seller’s prior to closing. I ensure all this is completed within a very rigid time frame.
Below is a list of items that the Fannie Mae (FNMA) underwriter will eventually require:
- Personal and Business Tax returns for Last 2 years tax returns (all pages, all schedules)
- W2 or 1099’s for last 2 years
- Full complete 2 year work history for both of your jobs including:
Name of employer, work address and zip, phone number, dates employed, position held, annual income 1 month of pay-stubs (if applicable)
- 60 days’ worth of bank statements (Business and Personal please include all pages of the bank statement. All pages including balance sheet pages)
- Mortgage Payoff amount
- Quarterly statements of any 401k accounts you wish to have considered for the home loan
- Driver’s License and Social Security Card number(s)