1. What do I need to qualify for a home loan?
(Please excuse grammatical mistakes - this is a direct transcription of the original video.)
Okay, so question number one, what do I need to qualify?
Normally there's three major components. Number one - income. Number two - assets. Number three - credit. So income could come in the form of a job or self-employment, or any kind of retirement funds. Assets, meaning funds or money for down payment, closing costs and future taxes and insurance and HOA, if necessary. It can come in a form of a gift or a 401k or just money you have in the bank.
And credit. Normally you can get started at 580 credit scores. Some banks can do 500, depending on how much you are able to put down, but most banks or lenders are not able to help anybody below a 640 credit score.
It really seems that it should be obvious, but it's not because a lot of people come at me with two out of three.
Like they'll come at me with income and credit, but they're broke or they'll come at me with credit and funds, but they ain't got no job! The one that's not as obvious are self-employed people whenever they make a bunch of money, but they write everything off. So basically they make nothing on paper. You got to pay your taxes if you want credit for your income!
Also if you want to set up a ZOOM CALL or PHONE CALL to learn more about this particular topic, you can do so by setting an appointment with First Time Home Buyer Coach Larry Le here: www.homeloandate.com.
If you want to start the home buying process you can follow any of these options:
- Call/Text Loan Officer Larry Le right away at 214-225-6323
- Email Loan Officer Larry Le at [email protected]
- Start the preapproval process on your own - you can start at www.LarryLeTeam.com or https://larryle.floify.com/apply-now
- Set an appointment to speak to Loan Officer Larry Le on the phone or via ZOOM at www.homeloandate.com
Also you can check out Loan Officer Larry Le's blog at http://yourmortgageinsider.com for information, news, and updates on the mortgage and housing industry or check out his YouTube channel at https://www.youtube.com/channel/UCYYE06pvAn0lG7proyLIUqQ.
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