“Do you qualify for a loan?” is one of the first questions you should be asking yourself. The next question should be how much home can I afford. The answers to these questions are ever changing, especially following the burst of the recent real estate bubble. Lender’s guidelines for qualification vary widely and are continuously changing.
In this current lending environment, stable and document-able income, in addition to respectable credit scores, are paramount. Lenders are nervous to lend and need to feel assured that the borrower will be able to make their payments and not be overburdened by their debt. The current conditions seem to favor borrowers who are employees and have minimal to no debt, but there are many programs still available to help just about everyone.
Down payment is important too. Most lenders are asking for bigger down payments, but the federal government realizes this will be difficult for most. In an attempt to continue helping hard-working American taxpayers buy their first home, the Federal Housing Authority (FHA) and government-sponsored enterprises (GSE) have financing programs in place to help the American taxpayer, some that require as little as 3.5% down.
Even if you are able to qualify, what matters the most is how much home can you buy. After all, what good is it to be qualified if you can’t buy in an area you would be willing to live in. Many are surprised to find out what they may afford in purchase price. Prices have dropped dramatically making great homes much more affordable.
For every situation, we recommend you get a free consultation from a loan officer. Get at least three of them for comparison. Most loan officers should be more than happy to help you out. Real estate agents, although knowledgeable on the current financing available, usually do not have insight to the latest changes and updates. If you feel like starting the home buying process with a real estate agent first, we are here to help and only a click away.
Look for an honest and experienced professional, such as Jim Metza of Best Capital Funding. Mr. Metza can help explain your options and help prepare you to buy your home with just a simple phone call. We have been working with Jim for over 8 years and found him to be one of the most professional and reputable loan officers we know. Let him know Reliantra sent you.
Call Jim Metza first to get pre-qualified or start your home search now using our Property Search page to help you find your dream home. It is user-friendly with several features to narrow down your search. The maps are interactive and adjust on-the-fly by simply clicking on it and moving it. Register to unlock more features such a program to notify you when something that fits your search criteria comes on the market or to a price reduction on a property you really like. Have no fear about signing up. Your information will be kept confidential.
Jim Metza: FHA Home Loan Specialist
NMLS Lic #343081 ~ DRE 01348190
Cell: (818) 339-6150 Email: jimmetza@gmail.com
“Your Home Home Expert”
Jim Metza’s ten years of experience and expertise in all aspects of the mortgage business have earned him a reputation as a loan officer you can count on for all of your lending needs. He is a licensed mortgage loan originator with the Nationwide Mortgage Licensing System and Registry and a licensed real estate salesperson with the State of California. His in-depth knowledge of the entire loan process allows him to ease his clients through the loan process. Combine Jim’s ability to close your loans with the strength of Best Capital Funding plus Reliantra, and you have a winning team.
