If you are a first time home buyer, then it can be a little overwhelming when you are trying to figure out if it's the right time to buy a house. Well, first and foremost you need a REALTOR to help navigate you through the process and a Lender too. Most of the time, like with me, an agent will have good lenders to refer you to. Here are a few things to help figure out if you are ready to buy......
* Do you have money saved up for a down payment & closing costs? Down payments are anywhere from 3.5% - 20% depending on what type of loan you qualify for and sometimes ZERO down payment with USDA & THDA loans. This will depend on your credit score, debt to income ratio and other factors. I have great lenders to help us figure out what type of loan you will be able to qualify for.
* Do you have "good" credit? You will need to have at least a 580 credit score for most lenders and a lot of times 620 or more. There are some lenders that will loan down to a 500 credit score so that's why I have a great relationship with multiple lenders who have different programs available.
* Employment history - You typically need to have a work history of at least 2 years, but again this is a lender question. Self Employeed individuals have a harder time getting loans than a W-2 employee does. It's easier to prove income of someone that has paystubs.
* Do you have family or friends that can help with a down payment? You can get help with your down payment as far as a gift, but you will need to have a gift receipt, which the lender can help with and guide you through.
**** Just pick up the phone and call me today and we can schedule a buyers consulation and sit down to go over all of your options....... 615-859-1748
Audra Hicks ~ REALTOR, ABR, e-PRO, PSA, SRES, AHWD, RENE
2021 President - Women’s Council of REALTORS - Sumner County
2020 President Elect - Women’s Council of REALTORS - Sumner County
2020 Professional Development Committee Member - Sumner Association of REALTORS
2019 Hospitality Committee Member - Women's Council of REALTORS - Sumner County
2019 Education Committee Member - Sumner Association of REALTORS
Multimillion Dollar Producer
Benchmark Realty, LLC
Stewie says..... “Mom puts the REAL in Real Estate!”