First Time Home Buyer Loans in Valyermo
Are you trying to find a home loan in Valyermo? All American Financial Services has been assisting the Antelope Valley for almost twenty years. We are widely recognized for our knowledge about home loan financing and for our straightforward and upfront pricing. Here are some helpful hints and tricks about what you really should do before applying for a mortgage loan!
Employment: It’s just a straight forward fact that lenders are going to want to know you have been employed for at least 2 years in the comparable company before offering you hundreds of thousands of dollars. The straight forward fact is that they want to know you can pay back the home loan without defaulting. However, there are some exemptions. Lenders are for the most part okay with the fact that you may have had 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.
Personal Mortgage Insurance is an extra fee that you’ll pay for having less than a 20% home loan down payment. Picture it as an insurance plan for the mortgage owner for offering a home loan at a greater loan-to-value ratio. So, if you were to buy a $300,000 home in Valyermo, the lender wants you have $60,000.
However, keep in mind that in order to get a home loan, you must have at least 6 months of mortgage payment in reserve. We know it sounds complicated, but just pick up the phone and call All American Financial Services today.
Down Payment: The most cost-effective way to buy a house is to have a twenty% down payment. This will ensure that you will avoid personal mortgage insurance, otherwise known as PMI.
Debt to Income Ratio: Having a debt to income ratio of higher than thirty-three% can be cause for concern. Home loan lenders want to know that you do not have an overwhelming amount of debt before you purchase a new home. With that said, let’s use the following figures 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.