Do you want to buy a new house or a reselling house or you want to invest in real estate or maybe you want to refinance a home, or you are currently renting a home, if your answer is yes to any of this question, then Ryan Herbig, the Branch Manager in American Liberty Mortgage in Colorado Springs and Deborah, another established Realtor in Colorado Springs, can help you.
The discussion between Deborah and Ryan was on the topic about the prequalification process before getting the home loan.
The first thing which comes in anybody’s mind before buying or selling or even refinancing or may be before entering the business of flipping properties is “Do they need to have some credit?”
Now if you are a renter then you really need to be a homebuyer at some point of time as soon as possible, as there are many advantages of buying a home including; the tax deductions etc. Plus, you are paying the mortgage for your own property, rather than paying rent, which will not give you property in future.
You don’t necessarily have to have credit to purchase a home, you may have no credit or even a credit issue in past and still you can buy a home.
You just need to sit with somebody local from their company, sits down with credit report and first understand the credit score.
If credit score is good then great and if credit score is bad they can work, to get those things removed which are falsie and bogus items. They help improve the score and according to the situation they can prepare you to buy home in few months to a year depending upon the profile.
Even if it takes the time of a year, you should not worry because you get time to plan your down payment in that duration.
They discuss financial situation, employment situation, income, assets, money saved for down payment or not or they have to come up with the options available and credit score etc.
Another question that comes to your mind is “Do you have to be an American citizen?”
The answer is No, you don’t have to be American Citizen but you do have to have a work visa and at least 12 months on the visa from the date of application for legal work and you need to have a legal social security number.
Other guidelines are, you need to have a job if you have to buy a home and have stable income at least 2 years in same company. If you are Self-employed they need at least 3 years’ or more history (there are few exceptions to this). If you make a down payment, then you can get more good terms.
They also have to look at last 2 months’ bank statement specially deposits (where the money has come from) as to ensure that there is no risk of money laundering (so that there are no terrorist activities).
Parents can deposit but you have to document them and have a proof and it has to be seasoned them as well.
They request the First time buyers to be honest to your lender even if you had bankruptcy or something similar. They say that the underwriter research everything about you before sanctioning the loan, it’s always advisable to be honest to your lender about your background.
For the guidance from an expert, you can contact Ryan at 719-228-6055 or you can also call Deborah on 719-641-1357 and make buying your dream property seem like a cakewalk.