Q. Should I be pre-approved prior to identifying my new home?

A. It is extremely advantageous to be pre-approved and not just pre-qualified. Primarily, it will greatly strengthen your offer and assist in expediting the closing process.

Q. How much of a purchase price am I able to afford?

A. As a general rule, it is safe to assume that up to 40% of your monthly gross income will be necessary to pay for your estimated monthly house payment and all recurring monthly debt (credit card payments, car payment, student loans, etc.). However, it is best to contact me directly concerning this issue since there are often exceptions to the rule.

Q. I do not have stellar credit and am concerned that I will not be able to obtain a loan.Is there any possibility that I can qualify?

A. It is rare that poor credit alone eliminates all possibilities of acquiring a loan. I have secured loans for clients with liens, collections, mortgage lates, recent derogatory credit, bankruptcy, and foreclosures.

Q. I do not have much for a down payment. Is there any possibility that I will be able to buy a home?

A. There are numerous programs available to assist those that are eager to buy a
home but cannot afford a significant down payment. Programs range from as low as 3% down to 0% down.

Q. What pertinent information do I need to provide to complete my loan application?

A. Typically, the following information is needed:

1. W2s for the past two years
2. Current pay stubs for the prior month
3. Bank statements on all accounts for the past three months
4. Last quarterly statement for all investment accounts, including 401k
5. Driver's License and Social Security Card

It takes approximately 10 minutes to pre-qualify you over the phone and a half hour to complete your loan application, at which point your approval can be obtained within 24 hours.