If not now than when

Sept. 16, 2010 - PRLog -- With the housing market the way it is I see steals.....not deals....Theirs to many houses and not enough buyers.. If you remember the market in 1996..it was so many requests and not enough houses to choose from. I have seen houses in detroit as low at $500.00 and if thats not a investment or return what is? For those that choose to make a strong financial choice heres some pointers if its your first time.
o   Run your credit report
o   If credit score is low, fix any errors.
o   Pay down any credit cards that are maxed-out.
o   Be sure to improve your credit history by staying current on all bills for at least 12-18 months prior to applying for a loan.
o   Evaluate your debt-to-income ratio.
o   If DTI is too high, consider paying off some debts or adding another income to the mix (perhaps a spouse's income).
o   Figure out how much you can spend on a home and what your approximate mortgage payment may be.
o   Evaluate your down payment possibilities with this first time home buyer checklist
o   Do I have at least 10% saved in some sort of savings account or request for a no money down program but it depends on your credit?
o   I have investigated down payment assistance.
o   I have explored the grant possibilities.
o   Evaluate possible loan programs.
o   Conventional loans
o   FHA loans
o   VA loans (if I'm a veteran)
o   Start the application process (the above things on the list can be done through the application process).
o   Provide last two pay stubs
o   Provide last two months of bank statements
o   Provide last year's W-2s
o   Obtain pre-approval from a lender.
o   Locate the home I'm interested in purchasing.
o   Put in a purchase agreement and have it accepted.
o   Lender ordered an appraisal.
o   Lender ordered a home inspection.
o   Loan approval finalized
o   Provide last two current pay stubs they require this in the beginning and end to make sure nothing has changed for your financially.
o   Provide current last two bank statements.
o   Provide another year’s W-2 if your application finalization is in another year.
o   Another credit report may be pulled (this is where, if you ran out and bought furniture before the house closed, your loan approval may be affected).
o   Do walk through on the house before the closing (amazingly things have changed on the house from the time the purchase agreement goes and the closing, so do a final walk through).
o   Close on your first home!!!!!!!!!!!!!!

# # #

Credit and Debt Counseling, Home Loan Modifications, Defaulted student loans, Budgets, First time home buyer education.