The market very active and more homes are hitting the market each day. Knowing what really fits your needs helps as you look for a home. So, what is important for you in home? These could be location, style of home, bedrooms, commute times or schools. I can help you work through some of these questions you may have. Buying or selling a home does not have to be stressful. 

Often, I am asked what's the first part is of buying a home? This is getting pre-qualified this is an important step to buying a home. Working with a lender will give you a budget that fits you and will give you the power to make an offer on a home. The last thing you want to do is not be qualified and find the perfect home. In many cases in order to make an offer the buyer needs to be pre-qualified by a lender. I partner with some of the best local lenders to help you get qualified and help get you the best rate possible. Having a local expert helps as they know the market. 

There are so many programs to help you with getting the lending that you need. When you go through the process of getting a loan there are different types of lending options you may qualify for. 

Types of Mortgages

Homebuyers or property purchasers have a variety of loans to choose from. Knowing the advantages and requirements of all of these forms of mortgage loans will assist you in selecting the most beneficial direction for home buying.

VA Loans

You must be a qualified veteran or military member to qualify for this government-insured loan, which requires no down payment. While the VA has not established a baseline credit score, bankers are free to do so, usually between 580 and 620.

USDA Loans

The United States Department of Agriculture presents this loan to low-income purchasers in selected suburban and rural regions. The USDA, like the VA, does not have a baseline credit score for this loan, although most lenders would rather see your FICO credit at 640.

FHA Loans

These state-backed loans are standard among first-time home purchasers since the qualification criteria are lenient. With FICO credit scores of 580, you may get an FHA loan for as low as 3.5 percent or 10percent down with a credit of 500. Mortgage insurance premiums (MIP) are required for the life of the loan with this form of a loan. However, you may get rid of the MIP simply refinancing into a regular loan later.

Conventional Loans

With a minimal FICO score of 620 and as little as 3% down, you may be eligible for this common form of a loan. With a down payment of 20% or more, you can avoid paying the required private mortgage insurance (PMI). When you attain a loan-to-value ratio of 78 percent, your lender would usually reduce PMI. Once you have a minimum of 20% equity in your house, you can refinance PMI off your loan.

Pre-Qualified and Pre-Approved Applications

Most real estate purchasers are aware that they must first 'pre-qualify' or be 'pre-approved' for a mortgage to purchase a home. In the mortgage process, there are two crucial phases. Some people confuse the two phrases, but there are essential distinctions that every purchaser should be aware of. Pre-qualification is only the beginning. It provides you with an estimate of how much of a loan you could be eligible for. The second stage is pre-approval, a conditional agreement to provide you with the loan.

Pre-Qualified

Pre-qualification entails supplying a lender with a comprehensive financial picture, including debt, income, and assets. The lender looks through everything and estimates how much money the borrower will receive. It can be conducted over the internet or by phone, and it typically comes at no cost.

Pre-Approved

The next step is getting pre-approved. The applicant must fill out an official mortgage application and provide all required papers to get pre-approved.

After that, the lender may conduct a thorough financial and credit background check. The bank will then give you a pre-approval for a certain amount.

Pre-approval also provides a more unambiguous indication of the interest rate charged.

Lenders will offer borrowers a written conditional commitment for a specific loan amount, allowing them to seek properties at less than that price point. Engaging with a seller gives borrowers an edge because they're one bit closer to receiving a mortgage.

If you have questions or are ready to take the first step, I would love to assist you.