What do I need to buy my first house?
Let’s keep it short and sweet.
640 Credit Score or higher
Not a necessity because there are mortgage options for people with as low as a 585 but there are grants to help with down payment that are only available if you have a 640.
Also, your interest rate lowers as your credit score increases and most people with at least a 640 tend to get a good interest rate.
Don’t have a 640? No worries.
I offer FREE credit consultations. All of my clients get 60 to 100 points higher in less than a year and your score remains high.* My Biggest success story increased her score from 433 to 630 in 9 months. She bought her first home in November 2020.
Click HERE to schedule your credit consultation.
$2500 minimum in savings
Even with down payment assistance there are some costs you cannot avoid. I advise people to have at least $2500 saved up before we begin. This allows you to put a $1000 deposit to lock in the contract and pay for appraisal and inspections.
What if I can’t save any more than $2500?
You may need to wait until you can. Would you like some help on finding the money? Click HERE to read about the #Saving500Challenge
2 Years of Filed Taxes
Whether you have a W2 job or a business, you will need to prove 2 years of consistent income with filed taxes. The bank wants evidence that you can pay them back.
If you have a W2 job, you will also need your previous month’s pay stubs, to show that you are still employed.
This will get you a Pre-approval from the bank so you can start shopping!
The bank will use this information to give you a dollar amount. This is your maximum budget to shop. They will also provide an estimated monthly payment and we can chat about how much you really want to spend on that max budget. You do not need to borrow the full amount but it is good to know what your full amount is.
Click HERE to schedule a time to ask your questions.
I’m here to guide you through. I provide lender match by explaining a few lenders that have options that match your goals. I also help you prepare for the lending conversation and guiding you each step of the way as you prepare for this Wealth Growth move!