The first step in becoming a home owner is getting pre-approved for a home loan.
These days, a minimum of 3.5% is required for FHA loans up to $417,000.
Otherwise you’ll needed between 10% and 20% for a down payment for purchases above $417,000. Depending on your financial picture. Note you will also need about 3% of your purchase price for closing costs. We’ll review what closings costs are when we sit down together.
Before you contact a lender, gather the following items:
- 3 months worth of pay stubs per person or other proof of income
- 3 consecutive & most recent months of Bank Statements: Checking, Savings, IRA’s, 401k, Retirement & Investment Accounts
- Most recent Tax Return
- Social Security numbers
To prepare for your appointment, take time to calculate your monthly/yearly household budget and determine you comfort level. This will help you decide whether or not purchasing a home is right for you and your family. Prepare a:
- Household Budget
- Bills & Expenses Budget
- Future Budget factoring in your new home expenses.
We are here to help you each step of the way.
Got Questions – we’re here to help. Email us at Info@TheCatonTeam.com or visit our website at http://thecatonteam.com/
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To read my personal journey through homeownership – visit http://ajourneythroughhomeownership.wordpress.com/ Enjoy!