Understanding your Home Purchase!

Just press play! You may want to keep the cursor on the pause button as it plays a bit fast.

So you want to buy your first home.... How much can you Afford?

So you want to buy your first home but don't know where to start... The first thought that comes to mind for many first time buyers is to jump on the internet and start looking at what's available.
"How much can I afford?"
This is probably the first and most important question you should ask yourself.
"How do I figure that out?"
Call a loan officer is my advice!
"But I don't want to call a loan officer; I heard it could affect my credit!"
If this sounds like you then read on. Loans now days are issued on DTI or Debt to Income Ratios coupled with your Credit Rating.
"What's a DTI?"
Debt to income is exactly that. How much you are obligated to pay divided by how much you bring home pre-tax.
For instance, You make $2,400 per month, but you are obligated to pay $500 per month on minimum balances due on your credit card, car loan, etc. In this situation your DTI would be 500/2400= 20%.
***Only the balanaces reflected on your credit report need be used to figure your DTI: cable bill, gas bill, and electric need not be figured in!***

The next step is a bit more complicated. I am going to adding more to this self-qualifying in the near future so keep in touch....

Affordable Housing Specialist

Two days ago I finished my last module to become an Affordable Housing Specialist. There are all kinds of programs out there to help almost anyone get a place to call home. There is a program here in Texas that will contribute 5% of the price of the home to help pay for down payments and closing costs. This program is a grant and does NOT have to be paid back.

Can you believe that there is also a program that requires you to be denied from other lenders in order to qualify for up to 105% of the cost of a home. In other words, there can be NO Down Payment! Over the next few posts I will show you the programs and where to go to for more information.

Not overlooking out vets, the Texas Vet program offers our Vets a great opportunity to borrow upwards of 400k for a home with interest rates as low as 4.25%!

Visit often to see what we can do to help you own a home of your own.