Home Buying 101--be prepared.
In a business like this, our most important role is to make a home purchase easy for our clients. And that is what we try to do, but most times we need our clients to be a bit more prepared for the process. With the Banking Industry changing its policies on a daily basis, our chance of success lies almost entirely in your ability to provide up-front information about yourself.
Here are some things we learned this year, and hopefully will point you in the right direction to owning your new home:
If 2010 is your target year for homebuying, do you have a copy of your credit report? There is a good way to do this, either by phone at 1-877-322-8228 or at www.annualcreditreport.com. This is a free report available to everyone, and lists everything that affects your credit. It does not give your FICO score, but for a fee you can get it. It's worth the money. This report will give you the chance to address any negative information that hurts your score. The website has information on how to enter a dispute.
Expect to have Downpayment Money !!! Zero down is a thing of the past. Minimum down payment (equity) is 3.5%, most lenders are 5% and higher on manufactured homes. This equity comes from cash down or appraised land value.
Got a payment in mind? Check out the payment calculators to get an idea of how much you can afford.
The loan application can be easy if you have everything together. 3 Years' Tax Returns, current pay stubs for the last 30 days, cash value of Life Insurance, IRA's, 401K's, investments, bank account balances, etc. If you are self-employed, a business financial statement and year-to-date Profit and Loss statement may be necessary. Cash-based income is usually not verifiable and will not be used. Rental income will need to have a 2 year history. You will need to verify disability income.
Copy of bankruptcy documents and discharge papers. If divorced and paying or receiving alimony or support, a copy of the divorce decree is necessary.
Copy of your Deed or a Contract to Purchase from your Realtor.
BOTTOM LINE, LAKEVIEW HOMES is dedicated to providing you the very best buying experience. We are experts at helping you choose the right home for your needs and stand by you every step of the way. We build every home like it was our own, from the ground up.
Please give us the chance to earn your business this year!