Unless you or a family member have a need to move frequently because of job transfers or other reasons, you should be considering your options when it comes to your living arrangements. You could own a home for the price you pay for rent. Start Building wealth with a home of your own. Here's what you need to get started:
1. Good Credit: Generally a score of 650 or higher, although today, you might be able to have a lower score and still qualify. If you are not there yet, you can get in touch with lenders that can tell you how to improve your rating.
2. About 3.5%-20% for a Down Payment: Currently the minimum down is about $3,500+_ for every $100k. If you are a Veteran, with your benefits you might qualify for a 0% down in this market, with no mortgage insurance premium! Otherwise, If you want to buy a property in South Florida and have limited resources, ask us about down payment assistance programs. We'll be happy to connect you with the resources you need to get qualified.
3. Proof of Income: Your most recent w2's for employees. If you are self-employed, you'll need 2 years of documented tax returns.
4. Your Total Monthly Expenses: including all bills, rents, credit card payments and utilities. Your bills ideally need to be less than 36% of your total monthly income.
5. 1%-2% Earnest Money: This is the binder, or commonly known as good faith money, that is submitted at the time of your offer demonstrating your seriousness of the purchase. This money will be applied to your loan at closing. However, if you do not close due to your fault, the funds go to seller as "damages".
6. Money Aside for Incidentals: ( 1K+_) You'll need funds to pay for a property inspections, appraisals, and other incidentals during the due diligence and before closing.
Contact me at any time, I will explain the buying process and watch over you from the initial search as your buyer's agent, to the closing to ensure a smooth transaction!