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Home Buying Process

For many the home buying process can be a very intimidating process, especially if you have never gone through it before. Here are some tips and tools that can help you secure the home of your dreams:

First and foremost should be the Financial Preparation in the home buying process. Review all your finances including your savings, credit ratings, income, and ALL debts.

Down Payment

You don’t necessarily have to make a large down payment, as Foundation Financial Group offers a variety of mortgages that may help you buy a home using little or no cash.

• Have a strong current income situation but little savings?
• Prefer to maintain your assets in high-yield investments?
• Have minimal cash due to high rents?
• Have low to medium income, and little in cash reserves?
• Plan on moving up to buy a larger or more expensive home but do not have a lot in cash reserves?

If you do not have enough saved for a sizable down payment Foundation Financial Group may be able to provide an option that meets your needs.

If you’re not sure, or don’t feel comfortable, don’t worry about it. Simply give us a call to discuss your dreams, and let’s see what we can do – together!

Loans designed to assist with this low to no down payment situation are:

FHA Loan/VA Loans

Federal Housing Administration and Veterans Administration loans are loans insured by government agencies that typically feature low/no down payment terms and are often assumable by future purchasers. VA loans are reserved for individuals who have served in the military. FHA loans, however, are open to all qualified home purchasers.

• Review your bills and determine an amount you can set aside monthly to your savings or investment account.
• Now is not the time to waste money – avoid spending frivolously. The less you spend on items you don’t really need the sooner you will accomplish your goal of becoming a homeowner.
• Be realistic. After reviewing your monthly income and expenses – decide how much you can really afford to set aside. If you fall behind on other obligations, it defeats the purpose.

Credit

How you have used and currently utilize your credit is significant in the mortgage process. We will take your credit history into account when deciding whether to approve you for a mortgage, and what interest rate you may qualify for.

If you’ve had some bumps in the road that may have impacted your credit, it doesn’t mean you cannot get financing to purchase a home. We understand that you may be facing temporarily credit challenges, so we not only focus on your history, but provide you with options that are designed around your current situation to help you obtain your goals… Don’t be fearful to ask for guidance, it’s what we’re here for, contact us today.

Debt and Income

Once you have met the basic loan qualification requirements, we will take a look at your debt to income ratio to determine how much you may be able to borrow.

One very important step is to try to avoid taking on any new debt in the months leading up to your home purchase….

Give us a call, or GET STARTED now, and let’s see if we can build a Foundation together!

GET STARTED