The Right Loan
Finding the Right Loan May Be the Key to Your Dreams 

     Over the years, many buyers have told me that lenders
     said they only qualified for a certain loan amount, and
     therefore a certain purchase price. Often though, after
     asking these buyers several key questions, I could
     recommend a loan that allowed them to qualify for the
     home they wanted and with payments they were
comfortable with. In many cases, by finding the right loan for their situation, the buyers have
qualified for a loan that assisted them with their closing costs as well as their down payment.

How do I know which loan is best for me? I am glad you asked. To answer that question, many aspects of your financial situation must be determined. These factors are then matched to the guidelines of the loan that best accomplishes your goals. 

Each loan has its own qualifying guidelines and allowable terms of purchase. For example, one loan will allow you to finance your closing costs, another will allow the seller to contribute an amount up to two percent of the purchase price toward your closing costs, while another will allow the seller to contribute up to six percent of the purchase price toward your closing costs. Some of the critical factors that will be considered are: 

• Credit history
  If your credit history is too brief, certain loans will allow you to use a record of your payments to utility companies.  
  
  
• FICO scores
  Some loans have guidelines that rely heavily on FICO scores and offer lower interest rates to those applicants with higher scores. 
  
  
• Debt-to-income ratios
  You may not have to pay off as many debts prior to your purchase if your particular loan allows you to have a higher debt-to-income ratio.
  
  
• Type of employment/type of pay structure
  Self employed, salary, hourly, and overtime: The pay is looked upon differently for each particular loan.
  
  
• W2s and tax returns
  
  
• Job history
  
  
• Upcoming raises or the possibility of raises
  
  
• Assets
  
  
• Homeownership: First-time buyer? Homeowner during the last 3 years? 
  
  
• Investment properties 
  Do you want to invest a sizable down payment or keep some funds for home improvements and other costs?
  
  
• Compensating factors
  These can help the lender go beyond the normal guidelines of the particular loan. 
  
  
• Special personal circumstances
  Are you a veteran, teacher, or a firefighter?
  
  
• Special location circumstances
  Are you purchasing in a geographical area or city that qualifies for special financing?
  
  
• The condition of the property
  Is the property a fixer-upper? Some loans are well suited for fixer-uppers, and some have stricter guidelines regarding the condition of the home. Some allow repairs during escrow and some do not. 
  
  
• Amount of money available
  How much money would you like to - or have available to - invest toward your down payment and closing costs? Do you need assistance with the down payment and/or the closing costs? There are loans that will provide financing for these costs and/or allow the seller to contribute toward them.  

Because I have worked in lending, I know how frequently loan products can change. I strive to keep abreast of the products various lenders are offering. Working closely with knowledgeable and experienced professionals in the mortgage industry, I can find my clients the best possible financing - and customer service that is beyond the norm. If you would like to make an appointment to find the loan product that will best fit your needs, please contact me. I am only a call or click away.