How To Prequalify For A Mortgage
To get pre-qualified, first find a few Lenders and compare rates and closing costs - or you can go to a mortgage broker and they will check the rates of hundreds of lenders for you. The Thompson Team can provide you with the names of several Lenders in the area that can assist you with purchasing a manufactured home. To find out how much you can pre-qualify for, the Lenders will use these guidelines and requirements as their main factors.
Factors That Determine Your Prequalification level:Your Housing Expenses (Principal, Interest, Taxes, and Insurance) should be less than 40% of your gross income. The exact figures varies. Some lenders will require less of a ratio. To get advice on which lenders may require less, you may consult a mortgage broker.Your Total Debt-to-Income ratio should be less than 50% - the lower, the better. This means that your total credit card bills, car payments, and other monthly debt, including your monthly housing expenses should be no more than 50% of your gross monthly income.Your ability to prove a steady income and your credit history.The property value compared with how much money you are putting down. If you have good credit, some lenders will not require a down payment. When you purchase a home in a leased land community you will be required to put 20% of the sale price down.
Note that pre-qualification only qualifies you for a loan. It does NOT guarantee a loan. When you are working on your home purchase, it is best to get pre-qualified as soon as possible. You may use it as a bargaining tool when you are trying to buy your home. If you and another person are both interested in one home, the seller is more likely to work with the person who is already pre-qualified for a mortgage. Always let your lender know what type of home you are looking to purchase as all lenders will not finance all types of homes. If you are having a problem finding a lender that will work with you please ask your Realtor as they have working relationships with lenders that will assist you in finding a loan that is right for you.
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Here are some other reasons why it is best to get pre-qualified for a mortgage even before you know what house you wish to make an offer on.
Pre-approval helps you:Know how much you can borrowConfirm your ability to qualify for a mortgage based on your credit, financial and employment information.Strengthen your position to make an offer on a house. A seller will be more willing to accept an offer if the buyer is pre-approved. The Thompson Team will be happy to help you with the prequailifing process and finding your new dream home. Please contact us at 863-325-8217.