Protecting against the pitfalls of financing your home

Posted By Georgia Bell @ Aug 10th 2010 1:10pm In: General

As everyone knows, the whole financing and lending process has changed and continues to change.   Here are a few things that might be helpful to you as you prepare to purchase a home

 

Tighter, and in some cases still-evolving, loan underwriting standards make it more critical than ever for buyers to make sure they're financially qualified for the purchase.

 

If your lender gives you a prequalification rather than a preapproval, push harder. WHat you need is a prequalification letter - and the only way to obtain that is to make sure that your lender has verified - to their satisfaction - all of your income and assets. And be prepared to full explanations for all  The paperwork is time consuming. And now, for example, FHA buyers who recieve funds from a family member have to disclose the gift and its source AND the person making the gift must also show the source of the funds. This is a requirement now and you can't fund the loan without it!

In new condominium projects, FHA is now requiring that 50% of the development's units must be under contract before the agency will approve financing for individual condos.

Make sure your Realtor is knowledgable and helpful to you in the process. It will pay off for you!

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1988 MINOTT ST
1011500 - Residential
Charleston, SC

4 bedroom home with gorgeous views of the Intracoastal Waterway from den, kitchen,bedrooms and screened porch! Undergoing renovations now - new kitchen with all new appliances. Private gated point of Riverland Terrace. This home even boasts a lovely swimming pool!



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