home buyer Q and A podcast

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Looking to buy a home in the next few months, or even a year away? Then this recent podcast I recorded is for you. Below is a brief transcript of the Q & A interview, but listen to the entire podcast for lots of details.

Q: What are the beginning steps for anyone looking to buy a home should take?

A: Everyone should begin the home buying process by speaking to a mortgage consultant to know how much house they can afford.

Q: What is the difference between how much can one qualify to buy versus how much of a home one should buy?

A: Typically, one can qualify for way more home than what they might want to pay on a monthly basis. The question I always ask clients is what is their vision for a monthly payment? By focusing more on a client’s desired monthly mortgage payment, we are able to determine together what would be a good purchase price on a home they are looking to buy.

Q: What type of financing options are out there?

A: There are LOTS of options available to buyers. Don’t believe all of the credit crunch info from TV or the internet. Buyers can still get a home with as little as 3.5% down without perfect credit. There are numerous government and conventional loan programs out there for home buyers in all stages (first time, repeat, investment, second home etc.)

Q: What is the typical documentation required to get a loan?

A: Generally speaking, buyers would need to provide at least the following six items – 2 most recent pay stubs, 2 most recent bank statements, last 2 years W2 forms, copy of drivers license, copy of the executed sales contract, and copy of the canceled earnest money check.

Q: How do tax returns affect my income?

A: Remember if there are items written off as a non-reimbursed business expenses, then the non-reimbursed money will be removed from the applicant’s annual salary. By doing that, the salary used to qualify someone for a loan will be reduced accordingly, which could affect the amount of home one qualifies to purchase.

For more information on getting prequalified OR moving forward with the loan process (if you are in the state of Georgia), don’t hesitate to contact me!


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