Do you need a fast Pre-Qual?

In today’s competitive market we understand the urgency of your pre-qualification. We acknowledge that in Today’s housing market it is very HOT and new listings go under contract just before you can make an offer. Before you begin your home search have a solid team to help you out. Meaning, you should have a Realtor who is very knowledgeable, a Broker with experience, and a Loan Officer who doesn’t take more than one day to give you a pre-qualification letter, working for you.

If your Loan Officer takes more than one day to provide you with a Pre-Qualification letter, than you could lose out on the opportunity to make an offer on a new listing.

 Have you been Pre- approved for a home? If you have started your pre-qualification process, it is imperative that you get a fast and accurate response within 24 hours after submitting all your loan requirements to the loan officer. Your prequalification is very important, this will determine how much you can afford! Your loan Officer should be able to talk to you about Loan options, rates, monthly payments and other pertaining information regarding your purchase.

This Pre-Approval letter will let your Realtor know that you are a Pre-Approved buyer. Keep in mind, without a Pre-Approval Realtors will not want to show a listing or will take you seriously.

Now, if you are needing a fast, 24 hour Pre-Qualification letter, then come test the waters with NuHome Group. We provide fast responses and give you a through presentation of home buying. Don’t hesitate to call us or get more information.

What Items do I need to get Pre-Qualified?

-Last 2 pay stubs (a month’s worth)

-Last 2 recent months of bank statements

-Last 2 Years of Tax Returns along with the W2’s or 1099’s

-Copy of Id and Social

Ready to get your letter? Call us before you send your documents. We can be reached at the Headquarters’ office of NuHome Group 713-373-0345 or emailed at info@nuhomegroup.com

All consultations are free and we will be more than pleased to answer any questions you may have. What are you waiting for? The time is ticking, let us earn your business!

Frank Marta

Broker/Loan Officer

NMLS: 835196/245813

How to avoid delays in your closing on a Home Loan, The Series

Series One: Credit Score

                                                                                      

            Like all buyers, you see a home, want it, and then you go pursue it. You go set up an appointment with a Mortgage Broker and expect to get a smooth closing. Right? Of Course! But not all prospect buyers know exactly what documents they need or what credit score they need in order to get the closing done in 30 days or less. Keep reading and keep scrolling down to unlock your full potential on a fast and easy home loan process.

Credit Score

            Although we at NuHome Group go down to 580 FICO, the higher credit scores the better rates you get. One thing lenders are really looking at is your credit report blemishes. This includes any: judgments, foreclosures, bankruptcies, late payments, broken leases, and disputes. The guidelines ask that you remove any disputed accounts, pay any judgments, and any broken leases prior to application. For home buyers who want to buy a home but have had a foreclosure or filed for bankruptcy don’t be discouraged just yet, we have special loan programs just for you!

Why should I remove my disputes before applying for a loan?  Won’t the lender help me?

            Once you have applied for a loan, gotten approved, and your loan goes to underwriting, the underwriting department will send back a list of conditions in which the borrower would have to comply to and bring forth the required documentation need for closing. If you have a dispute that normally doesn’t go away in a day or two, it takes time.  The longer the borrower takes to bring the listed documentation, the longer it takes to the keys to the house. If you do have disputes and don’t clear them right away then your loan goes into suspension which delays your loan even longer! We understand your need to close fast and get into the home in which you desire, so we prevent any delays that will cause headaches and heartaches; therefore we do not issue approvals on clients whom haven’t removed their disputes. If you go to another company and they accept disputes please BEWARE, and be prepared to deal with a lot of problems.

For more information about how to avoid any delays in your closing on a home feel free to give us a call (713) 373-0345. Brought to you by NuHome Group LLC. Frank Marta, President, NMLS# 245813 | 835196

How Do Lenders Know The Maximum Loan Amount Buyers can Afford?

If you are new to the real estate market, the cost of a home may appear daunting. You may feel that you cannot qualify for any home loans, based on your income. However, lenders have a logical and clever way to formulate the best loan amount for you. It is possible to own a home, even with a limited budget. Lenders take your unique income and financial background to create a loan package perfect for your monthly budget.

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The Debt-To-Income Ratio

The main financial formula that lenders use to determine your maximum home loan amount is a ratio of debt-to-income, or DTI. Your household’s gross, pre-tax income is added up. It is then compared to your non-housing and housing expenses to find a manageable budget for a home loan. In general, a high income or low debt allows you to finance a larger loan amount, but each situation is entirely unique in the real estate world.

What Qualifies As Non-Housing Expenses?

Lenders understand that you have other financial commitments that require a monthly payment. Non-housing expenses typically include child support, student loans, alimony and car loans. These monthly debts are usually fixed amounts, giving the lender an idea of your financial limits. If you only have a few of these non-housing expenses, your chances of a larger home loan amount increases. You have more available monthly cash flow to dedicate to the home loan in these cases.

Federal Housing Administration’s Guidelines

Lenders do have monetary lending limits as set forth by the FHA, or Federal Housing Administration. Prospective homeowners still need ample funds outside of the mortgage payment for everyday needs, from groceries to paying the electricity bill. To avoid predatory lending practices within the mortgage industry, the FHA regulates that home loan payments cannot exceed 29 percent of a household’s gross income.

To fine-tune this law, the FHA also took non-housing expenses into consideration. If you add your monthly home loan payment and non-housing expenses together, the total amount should not exceed 41 percent of your gross income. This law protects homeowners from taking on too much debt at any one time, especially if a lender is questionable.

Additional Decision Factors

Lenders can alter the home loan’s amount and interest rate slightly if you have a large down payment saved up or an extremely high credit score. Good credit histories still play a large role in determining loan amounts and corresponding low interest rates. Overall, lenders must look at your entire financial picture to make a fair and well-informed decision on a final loan amount.

For more information about this subject or about our loan programs please contact us at 713-373-0345 or by email info@nuhomegroup.com

NMLS# 245813/835196