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3/29/2017

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How Much Can You Qualify For?

The criteria for buying a home is based on income, credit, and the amount of down payment you have.

When you decide that you want to buy a home or other real estate, there is always the question of what you can qualify for. For most people, regardless to whether they are a first time home buyer or if they have purchased property in the past, the price of the home, income, and the ability to repay a home loan merits a lot of thought.

Buying real estate in today's housing market is more stringent than it was just a few years ago, but the qualifying process is the same as it has always been. It is still centered around income, credit, down payment, and the ability to qualify for a loan.

Although there has been a major restructuring of federal and state lending laws and stricter lending practices implemented by banks, mortgage companies, savings and loan associations, credit unions, and other lending institutions, the process of getting a loan is basically the same as it has always been.

There is tougher scrutiny today because lenders have become more conservative in the way they process and approve loans. But if your income qualifies you and your credit is up to par, your main concern will be finding the property you want to buy. Locating the right property shouldn't be that difficult because there are so many homes on the market for sale right now.

If you are serious about buying a home or any other real property, your best course of action is to call a mortgage company, bank, or other lending institution and have a consultation with a loan officer. A loan officer knows the right questions to ask and can gather the necessary information needed to get you pre-qualified and/or pre-approved for a loan.

If you don't know a lender, you should contact a realtor. A realtor can help you get started in the right direction because most of them have at least a basic knowledge of loan procurement and they know how to get you in touch with a lender.

You should make sure that your down payment and income qualifies you for the property you want and can afford before you start looking. This is because buying a property is serious business and you don't want to waste your time finding a property that you fall in love with only to realize later that you can't qualify for it.

Everyone has a maximum price that they can qualify for and should look for property in that range. If you go about it the right way, you can get pre-approved for that particular price range, locate the property you want to invest in, make an offer, and if your offer is accepted and you obtain the necessary financing, you can close the escrow in a timely manner.

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