Posted: Fri Jul 03, 2009 12:12 pm Post subject: What are the top issues facing first-time homebuyers like my
I'm putting together a research paper and I would like to have your opinions on what your top 3 major concerns and the issues you have faced if you're a first-time homebuyer...??
There are various things that one should keep in mind before buying a house. You'll have to get pre-approved for a loan when you plan to buy a house. While pre-approving you for the loan, the lender will check your credit score and income. If you're planning to go ahead with a conventional loan, you should have a minimum credit score of 700-720. However, in case of a FHA loan, your credit score should be at least 620. Borrowers with a lower credit score will not qualify for a loan.
A lender will also check your income. A borrower should have a stable income for the last two years and will have to submit the pay stubs to the lender. The lender will even ask for a verification of employment (VOE). Check out the page on "Basics of Mortgage". This will give you a fair idea about the whole mortgage process. _________________ Procrastination is the enemy of your financial success
austenetta
