What is mortgage prequalification?

Prequalification is the process where the lender will look at a basic copy of your credit report and use the information you supply to determine how much mortgage you can afford based on your income. No accounts or employment information is verified.

What is mortgage preapproval:

Preapproval is when all credit and employment has been verified and the mortgage is approved, subject to the appraisal of the property.

What is final loan approval?
Final loan approval occurs when the property has been appraised, all documentation is in the hands of the lender and all contingencies have been met.

What first-time buyer programs are available?
Many first-time buyer programs are locally developed and administered. As your agent Stuart will review with you the availability of current first time buyer programs.

Can I use my IRA retirement funds for a downpayment on a house?
For most first time buyers, you can use the funds in these retirement accounts without penalty.

According to the IRS, If both husband and wife are first-time homebuyers, they each can withdraw up to $10,000 for qualified acquisition costs penalty-free for a first home.

Qualified acquisition costs. Qualified acquisition costs include the following items.

  • Costs of buying, building, or rebuilding a home.
  • Any usual or reasonable settlement, financing, or other closing costs.

First-time homebuyer. A first-time homebuyer is, generally, any individual (and his or her spouse, if married) who had no present ownership interest in a main home during the 2-year period ending on the date the individual acquires the main home to which these rules apply.

What mortgage options are there for those with poor credit?
There are lenders available for many of those with poor credit records. One of the mistakes commonly made by homebuyers involves their credit report. Some buyers assume that their credit is worse than it really is, and may well have been able to secure a more advantageous mortgage. Utilizing a reputable mortgage company can help you attain the best possilbe loan.

What options are there for buyers with little money down?
Although there are some new programs that allow buyers to purchase a home with little or no cash, you will generally need some funds for downpayment, closing costs or both. There are options for low downpayment (5% or less) mortgages such as FHA mortgages and there is always the possibility that the seller could absorb some of your closing costs (which are usually 3-5% of the selling price).

Financial Institutions We Use And Trust

Green Leaf Capital
1555 South Palm Canyon, Suite D 106
Palm Springs, CA 92264
Telephone: 760-844-2242
Las Palmas Appraisals
1053 North Palm Canyon Drive
Palm Springs, CA 92262
Telephone: 1-877-870-6420

 

 

Email Stuart now or call 760-409-2246.

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