I am the REALTOR who will remain your best Friend for Life "
use us to purchase your next home?
Home Buying Process
We supply the best tools
to assist you "The Home-Buyer" accomplish your dream of Home-Ownership.
Direct link to the North
Online Search of North Texas MLS NTREIS System
& On-Line searching"
is the key to today's Real Estate and that is what we are
good at. Our MLS search system is the most up to date and
shares with most other Real Estate online sites and is therefore posts
automatically within hours of the original MLS
posting. Most important you will hear
from a representative of DFW Metro Housing at least twice a week and
all calls are returned within hours if not minutes. We make
ourselves available to you 7 days a week.
Real Estate 101
What a lot of home buyers don't realize is that,
apart from the down payment 3.5 % with an FHA mortgage needed
to buy a home, there are other associated closing costs.
Closing costs such as Loan setup fees, attorney and title fees and
pre-paid Insurance and Property taxes. These expenses
normally add up to about 5% to 6% of the price of the home.
This means you are going
to need about 9.5% of the price of the home to be able to purchase this
For those of you who s
income level is below the 80 Annual medium Income level (IE Family of 3
$49000) there is some form of government grant money available normally
from $7500 to $10000. A seller is
also allowed to contribute up to 6% of the selling price in buyer
concessions with an FHA, VA or USDA loan.
But only 3% on a
conventional loan. This money is normally used to pay some of
or all your closing costs.
This means that when
searching for a home we must find a seller that has enough equity in
their home to be able to afford to sell their home and give you 6% and
still pay their own seller closing costs.
wanting to obtain a mortgage loan will need at least a 640 credit
score. Sometimes we can find lenders that will work with a
600 but that always means that the underwriting will be done manually
and your application is going to be scrutinized and very difficult.
are a few ideas on building your credit score if you believe it is
lower than a 640
Revolving credit. Revolving credit is the type of
credit that builds your score. A car payment will not help
your score but a credit card will as long as you use it widely and try
to keep the balance at about 20% of allocated credit Example: $1000
credit never owe more than $200 at any given time and always pay the
bill on time.
Apply for an
Orchard Secured Credit Card
Apply for a Capitol One Secured credit Card
Paying off current Debt reporting: If any item is report on a
monthly basis on your credit report try to call the debtor and make
payment arrangements (Don't worry about any old debt that has gone into
collection and no longer reporting)
3) Make sure
everything is paid on time and never ever late. Just one last payment on anything could and often
does effect your credit score as much as 100 points. It takes
one month to cost you 100 points and a whole year to rebuild again.
Eliminate all derogatory reports: You cannot have any
judgments, Tax liens, outstanding student loans that have
late payments and please beware of Bad rental History can also effect
Credit Check and Mortgage Loan Application
Online seminar on Home-loans
Sr Loan Originator
Mortgage & Investments, Inc.
NMLS ID 144975
Parkway, Suite 400
For a Home-loan
you need a 640 credit score. To rebuild you credit score you need Revolving credit