Few people have the cash to put down on a new home, regardless of size. Many potential buyers are unaware what criteria are required from most lenders. If you are looking at Bellevue, Nebraska homes for sale, and never had a mortgage, we can help you. Generally these are the basics:
- A down payment that may range from 3% to 20% of the purchase price
- Good credit (does not have to be perfect)
- Be employed steadily for 2 years
- Have sufficient income to make mortgage payments without hardship (2 - 3 times the amount)
You need to understand that the better your credit, and higher the down payment, the lower the interest rate will be. Lenders charge clients with less than stellar credit scores more because of the risk associated with non-payment. These are requirements no matter where you search: Osh Kosh, Wisconsin farms or Bellevue, Nebraska real estate. Home loans come in as many different formats as there are styles of architecture. A real estate pro can guide you through the maze.
When looking at homes, most sellers and their agents want to know you are qualified to purchase the property before you even set foot in the door. This involves a pre-qualification letter from your lending institution. It states that on the surface, it would appear you have sufficient income and credit to qualify for a purchase of property within a designated cost range. It is not a promise to issue you a mortgage. On the other hand, there are also commitment letters from lenders indicating you are fully qualified and the institution will provide a mortgage based on whether or not the building qualifies. Bellevue, Nebraska real estate home sales have to meet building codes, surveys and inspections in order for a lender to be assured their investment and yours is safe.
It's never too early to dream about the possibility of Bellevue, Nebraska homes for sale. Even if you don't have everything, experts advise you speak to lenders about their criteria. Ellen Blinn can refer you to mortgage professions to determine if they are the right source of financing for your new abode.