Maintaining Foreclosures
what is required to buy a home?
I would like to know more info on getting approved for a mortgage. What should a fico be at? income requirements, job info, bank account should be at what…etc etc…I would like to know basically everything there is to know before I go to get pre approved for a home and how to maintain the payment and not go into foreclosure.
is there sales tax in home buying? like the list price is 180k, but with tax it would be 200k, or do you just pay 180k and that’s it?
This is a great question and it is one a lot of people want answered. It is a little intemidating to appy for a huge loan and sometimes we don’t want to ask a question and look dumb.
I have been selling houses for thirty years now. The answers to these questions change all the time.
First thing I would do is ask several freinds and relatitives who have bought homes recently in the area you are wanting to buy “Who did you use for a loan officer?” and “Who did you use for a real estate agent?” also ask them if they were happy with the service.
Then I would contact the loan officer and visit in person or over the phone. You want the guy to be local and you want the guy to be able to answer all your questions without making you feel stupid.
They will want all your finacial information. Where have you banked and lived, and worked for the last five years? Who do you owe and how much over the last five years?
Based on the answers to all your questions, plus your fico score and how much you have to put as a down payment they will be able to reccommend a loan.
They will likely qualify you for a bigger payment than you are comfortable making. Keep your house payment to no higher than 30% of your gross family income. By payment I mean the principal plu interest plus the escrow for property taxes and home owners insurance.
There are a few states that have something like sales tax or transaction tax on home sales. The local Realtor and loan officer would know if that is true in your area. There are also “closing costs” that the buyer pays and closing costs that the seller pays- they can also line these out for you.
Always insist on getting a home inspection. It is an added cost that you pay (you want to pay it and make sure the inspector knows they are working for you and no one else).
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