4 Things You Must Have to Buy a House in 2022
4 Things You Must Have to Buy a House in 2022
Dic
Dic
08, 2021
08, 2021
If you’ve been thinking about buying a home in 2022, You must know that the market still very active and homes are selling fast in our area. Some of them are selling for well over asking price. If you are ready to start the process of buying a home, These are the steps you MUST HAVE to make it possible.
1:You Must Have a Stable Income
It’s a critical test you must pass before deciding to buy a home. You must be financially secure before you buy a house. If you’ve had a steady job and a steady source of income for the last few years...(Most lenders will prefer for you to have a balanced & steady income for at least the last two years-- as a minimum) This is a good sign that says: You are ready to go forward towards homeownership.
Step 2:You Must Know How To Handle Debt
Next, comes your debt ratio. The lender wants to know that you will be able to afford a monthly mortgage payment, given your current debt and your monthly income. Most lenders will take a 40 to 45% DTI (Debt-To-Income-Ratio) The percentage of your monthly bills added to your future mortgage payment... should not surpass 40 to 45% in order to get your loan approved.
Note: Your DTI includes bills like student loans, car payments, private loans and credit card debt, but not living expenses such as gas, food and utilities.
If you’ve been thinking about buying a home in 2022, You must know that the market still very active and homes are selling fast in our area. Some of them are selling for well over asking price. If you are ready to start the process of buying a home, These are the steps you MUST HAVE to make it possible.
1:You Must Have a Stable Income
It’s a critical test you must pass before deciding to buy a home. You must be financially secure before you buy a house. If you’ve had a steady job and a steady source of income for the last few years...(Most lenders will prefer for you to have a balanced & steady income for at least the last two years-- as a minimum) This is a good sign that says: You are ready to go forward towards homeownership.
Step 2:You Must Know How To Handle Debt
Next, comes your debt ratio. The lender wants to know that you will be able to afford a monthly mortgage payment, given your current debt and your monthly income. Most lenders will take a 40 to 45% DTI (Debt-To-Income-Ratio) The percentage of your monthly bills added to your future mortgage payment... should not surpass 40 to 45% in order to get your loan approved.
Note: Your DTI includes bills like student loans, car payments, private loans and credit card debt, but not living expenses such as gas, food and utilities.
Maxus Realty Group Agents are local specialists with knowledge to help you buy and sell the right home, at the right price.
We are passionate about you as a client, we will always protect your best interests just because it's the only way we do business day in and day out.
Today, we'll talk about 4 Things You Must Have to Buy a House in 2022
Maxus Realty Group Agents are local specialists with knowledge to help you buy and sell the right home, at the right price.
We are passionate about you as a client, we will always protect your best interests just because it's the only way we do business day in and day out.
Today, we'll talk about 4 Things You Must Have to Buy a House in 2022
3: You Must Have Enough Savings
Depending on the type of mortgage you may get, a down payment can be anywhere from 3.5% to 20% of the home’s purchase price. You must add closing costs, that usually can be anywhere between 1% to 3% on the home's purchase price.
Your lender may also require for you to have enough savings to cover future mortgage payments and emergency expenses in case you lose your source of income temporarily.
4:Your Credit Score Must Be Good
Lenders use credit scoring models from 3 different credit bureaus. They want to determine how risky a borrower you are. You credit score must be between 670 or higher to receive a mortgage loan. The higher your credit score the lower your interest rates will be.
Your credit score can be checked by visiting a free credit score website (www.AnnualCreditReport.com), or in many cases, you can simply look on your online credit card account.
In some cases, you may be able to get a loan starting at 580 credit score....call me for the latest requirements.
Our commitment as your real estate professional is to help you find your dream home at the right timing for you.
It's the biggest purchase of your life, and can assure you that even small mistakes can be costly. BEWARE, technology changes almost daily and I can help you pinpoint all the homes for sale near your location points. I have access to over 18 million properties from hundreds of locations, including Government properties, action homes, VA homes, HUD Properties and all available private houses for sale in between.
Please call us to get started
Fernando Herboso Broker 301-246-0001
3: You Must Have Enough Savings
Depending on the type of mortgage you may get, a down payment can be anywhere from 3.5% to 20% of the home’s purchase price. You must add closing costs, that usually can be anywhere between 1% to 3% on the home's purchase price.
Your lender may also require for you to have enough savings to cover future mortgage payments and emergency expenses in case you lose your source of income temporarily.
4:Your Credit Score Must Be Good
Lenders use credit scoring models from 3 different credit bureaus. They want to determine how risky a borrower you are. You credit score must be between 670 or higher to receive a mortgage loan. The higher your credit score the lower your interest rates will be.
Your credit score can be checked by visiting a free credit score website (www.AnnualCreditReport.com), or in many cases, you can simply look on your online credit card account.
In some cases, you may be able to get a loan starting at 580 credit score....call me for the latest requirements.
Our commitment as your real estate professional is to help you find your dream home at the right timing for you.
It's the biggest purchase of your life, and can assure you that even small mistakes can be costly. BEWARE, technology changes almost daily and I can help you pinpoint all the homes for sale near your location points. I have access to over 18 million properties from hundreds of locations, including Government properties, action homes, VA homes, HUD Properties and all available private houses for sale in between.
Please call us to get started
Fernando Herboso Broker 301-246-0001
