FHA Loans in Apple Valley
Are you searching for a home loan in Apple Valley? All American Financial Services has been assisting the Antelope Valley for almost 20 years. We are well known for our knowledge about home loan financing and for our straightforward and upfront pricing. Here are some tips and tricks about what you really should do before applying for a mortgage loan!
Employment: It’s just a simple fact that lenders are going to want to know you’ve been employed for at least a couple of years in the same business before offering you hundreds of thousands of dollars. The straight forward fact is that they want to know you can pay off the home loan without defaulting. However, there are some exceptions. Lenders are for the most part okay with the fact that you may have had two to three jobs in the same line of work over the last number of years. Just call All American Financial Services; your home loans experts today at 661-949-6681.
Down Payment: The most cost-effective way to purchase a house is to have a 20% down payment. This will assure that you will avoid personal mortgage insurance, otherwise known as PMI.
Personal Mortgage Insurance is an extra fee that you’ll pay for having less than a twenty% home loan down payment. Picture it as an insurance plan for the mortgage holder for offering a home loan at a higher loan-to-value ratio. So, if you were to buy a $300,000 home in Apple Valley, the lender wants you have $60,000.
However, keep in mind that in order to get a home loan, you must have at least six months of mortgage payment in reserve. We know it sounds complicated, but just pick up the phone and call All American Financial Services today.
Debt to Income Ratio: Having a debt to income ratio of greater than 33% can be cause for concern. Home loan lenders want to know that you don’t have an overwhelming amount of debt before you purchase a new home. With that in mind, let’s use the following numbers for example: Lets say you have a $6,000 gross monthly income, you really should have no more in monthly debt than $1,980.
Fixing Your Credit: Everyone wants to have the lowest interest rate on a home loan. This is why it’s so important to have great credit when requesting for home loan financing. Our team at All American Financial Services has credit repair analysts that will help eliminate negative items from your credit report. In order to receive the best interest rate, you should have a FICO score of 720 or more. Just pick up the phone today to get qualified for a new home loan.