Financing your Colorado Home
Finding the right financing can be difficult and confusing. Luckily a home buyer has many option in todays market but it is important that they are educated in the home loan process. Colorado Home Search has qualified, well-educated mortgage professionals who have the experience and the know-how to make the loan process as easy as possible. As a certified agent Jerry can also offer you a special financing program. Contact him today at 303-933-0900 to get started.
To help you become more informed we have listed below key points to the home buying process.
How much house you can afford?
Today lenders have many home loan programs for a buyer to borrow as much as 55 percent of their gross montly income. It is important to prepare months in advance of buying your home. You'll want to become familiar with loan programs, make sure your credit is healthy and have enough funds for a down payment.
Documents you might need for loan approval
It's important to know the differnce between being pre-qualified and being pre-approved. Pre-qualified means you qualify for a specific amount you can borrow. Pre-approved means that you have submitted paper work to lender and you have met all conditions.
The documents needed for loan approval is determined on a case by case basis. Below is a list of documents and information that will be needed to help fulfill requirements set by the lender. Not all of the documents may be required in your case.
W-2's for the past two years tax returns.
Most recent bank statement for savings, checking from all banking investors.
Two of the most recent pay stubs for borrowers and co-borrowers.
401K and other retirement fund information. If the borrower has income from pension or other retirement. program then an award letter will be needed to verify monthly income.
Stocks, bonds, IRA information.
Alimony/child support information.
Copies of decrees or agreement related to divorce or seperation.
Personal asset information such as vehicles, household goods and other real estate.
Your contact information, email address, phone number and home address.
Past employment information including company, phone number, physical address and contact name.
The name and contact information of your insurance provider.
Mortgage statement if you currently have a mortgage.
Your credit score
In today's economy, credit scores are becoming an important factor when determining whether or not a borrower qualifies for a house or even for a credit card. Employers even check credit scores to help determine the potential responsibility level of a future employee.
FICO scores, range from 300-850 points and are statistically categorized by three credit bureaus; Equifax, Trans Union, and Experian. The median score from these three credit bureaus give lenders a good idea of how likely the borrower will pay back a loan. The higher the credit score, the better the loan program and interest rate.
Credit reports also show negative marks such as delinquencies, bankruptcies, and foreclosures, all of which damage a borrower's credit score severely. Although credit scores help determine if a borrower is eligible to qualify for a home loan, there are other loan programs that don't require credit scores. The Federal Housing Administration (FHA) has designed a loan program that only requires a borrower to have sufficient income to qualify for a loan, along with other requirements such as paying off all collections and having no late payments for 12 months on at least three trade-lines. These programs include fixed interest rates and offer down payment and closing cost assistance. Colorado Home Helper's preferred broker, The Mortgage Network, has earned the privilege of being approved by the United States Government to provide FHA and VA loans, which eliminates or reduces the cash requirements for purchasing a home.
How long does it take to get loan approval?
After application has been made to one of our prefered lenders and depending on the loan applied for loan approval will occur in approximatly 30 days. Through the years Jerry from Colorado Home Search has used a process that makes the home buying experience quick and easy.
We have worked with many home buyers re-locating to Colorado from many states throughout the United States, veterans whom have served proudly for our country, first-time home buyers, and many who have been referred to us by past clients. Wether you are a first-time buyer or re-locating to Colorado Jerry has the experience to meet your needs.
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