Anybody in the process of trying to buy a house? Don’t know where to start, are if I make enough money. Do you have to be on your job a certain amount of time, in order to be approved for a home loan? I have so many questions 🤔🤔

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Minimum 640 credit but they prefer higher. 680 is a good number. They look at debt to income ratio. Your mortgage shouldn’t be more than 1/3 of your income. If your credit isn’t where it needs to be if you pay credit cards down 50% it helps a lot. 2 years job experience in the same type of job. Need at least 6000-14k for closing costs inspections appraisal etc. If you are buying a short sale money for repairs so you can get the certificate of occupancy. You can pay points to lower your interest rate they are tax deductible. Credit determines your interest rate. While in the process don’t touch your credit cards or reduce hours or lose your job they check up to the date of closing for employment verification. Large down payment helps too if you aren’t approved for as much as you need for the house. You can have up to 4 people on a mortgage if you need to. If you pay a 13th month principal only payment so one extra payment a year you lessen the mortgage 7 years over the lifetime of the loan. 1000 deposit and the balance after attorney review usually like 3000 minimum for the deposit with the realtors. Payment is usually made to the escrow account. Make sure you aren’t buying an old place if you live in a complex. Like a town house or condo and association dues are affordable. You are responsible for exterior upgrades. Where I live is a pain In the butt every year it’s something. The roof the siding the fence. Any more questions I’m here.

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You can reach out to a lender and they’ll explain everything and help you.

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When we bought our house I literally was just laid off from my job. They looked at my employment history and I was still approved based on the fact that I had a steady history in the same industry.

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Find a credit union and apply for a mortgage. They can give you a prequalification so that you know how much you are able to spend.

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They’re an assistant program. I’m in a Facebook group where many have gone through them and come out on top. The most recent ended up with a interest rate of 1.5%. AMAZING!!

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NACA is an amazing place to start!!!!

Anybody in the process of trying to buy a house? Don’t know where to start, are if I make enough money. Do you have to be on your job a certain amount of time, in order to be approved for a home loan? I have so many questions 🤔🤔

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