Are you thinking of buying a home? Can you buy a home? What factors play into buying a home? You have found the right video. A very important factor, is to not disqualify yourself! Talk to a professional to see if you can or cannot qualify for a mortgage, and maybe if you can’t buy a home right now, find out and plan if you can in just a few months down the road. When buying a home, a lender will look at a few factors; income, credit score, and debt to income ratio. Your debt to income ratio should not exceed 50/50, but your lender will go over this with you. Have you filed for bankruptcy? Have you had a short sale in the past 2-7 years? Don’t be discouraged, as there are several loan programs that may be able to help you based on the timelines of your sales and filings. Your lender will also ask about down payment, can you pay for closing costs, are you currently employed and for how long? All of these factors will all play when applying for a mortgage. Be sure to talk to a mortgage expert if you are considering buying a home, and to get on the right path to home-ownership!
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