Avoid the Eight RoadBlocks to Home Loan Pre-approval

        with our Pathway to HomeOwnership Game Plan 

 GET STARTED with a 15-Minute Phone Call & Purchase Ready Service 

So, I get it, you are TIRED OF PAYING RENT! The question is: Have you taken any of the important steps to learn about what it takes to qualify for a home loan and all of the things that must be done before you can consider yourself to be PURCHASE-READY?

Today I would like to talk about why it is so very important to learn as much as you can about what it takes to qualify for a home loan and why it’s best to GET STARTED NOW!

There are many reasons why you might not be eligible for a home loan today, but most of those reasons fit into 8 broad categories.

#1. Insufficient money for down payment and/or closing costs.

#2. Employment history and job stability.

#3. Excessive debts.

#4. Property condition/needed repairs.

#5. Low income.

#6. Verification of income, assets, reserves or assets may need to be seasoned

#7. Buyer makes a mistake

#8. Credit issues.

There may be a combination of reasons why a home loan request may be denied, but most of the reasons will fit into the 8 broad categories listed above.

By reviewing your possible home loan options as soon as you have your first “serious thought” about buying a home comes to the surface, you give yourself the best chance of being approved for a great home loan once you are actually ready to buy a home. This process can happen as quickly as a couple of weeks, or it can take as long as 9 to 18 months if you have some really serious issues to take care of before you are at the PURCHASE READY Stage.

We have found that a little more than 50% of potential HomeOwners can usually purchase a home within 3 or 4 months of starting the Home-Buying Process. In any event, it’s a great feeling when you get to that point and realize that when the time has come for you to Buy A Home, you are Ready to Make It Happen!

Hi, I’m Kyle Noe with The First United Team with eXp Realty and I have worked right here in the OKC Metro Area for the past 32 years.  I have helped more than 1,500 First Time Buyers, Renters and Move-Up Buyers prepare for the Home-Buying Process and then purchase a home when the timing is right for them to make their move!

Today, we are going to discuss the 8 Broad Categories of Roadblocks that Potential HomeBuyers can experience once they Get Started:

#1 Insufficient money for down payment and/or closing costs. Many people believe that it takes a 20% down payment or more to purchase a home. There are many different types of specialty programs that can help a potential Buyer with their down payment and sometimes even closing costs. The challenge is to find the programs that might fit your situation, and then determine if you are eligible.

#2  Employment history and job stability. This can include problems such as long “gaps” between jobs; job “hopping”, such as frequent job changes, as many as 4 or 5 different jobs in as little as 12 to 18 months.

#3 Excessive debts, resulting in a high debt to income ratio.

#4 Property condition/needed repairs can stop a house from qualifying for a particular loan program.

#5 Low income can be a problem, especially if there are excessive debts, or if there is just not enough income to support the monthly payment for the homes that are available in a particular area.

 #6 Verification of income, assets, reserves or new assets may need to be seasoned because they cannot be properly “sourced”.

#7 Buyer makes a mistake, such as opening a new account, Buyer has a new collection filed against them or even makes a large purchase like a car or furniture purchase.

#8 Last, but not least, credit issues, such as low credit scores, undisclosed bankruptcy or foreclosure, judgements and liens or a missed payment on a credit card.

As you can see, there are many events that can put a loan approval “on hold”, or even delayed by a couple weeks or maybe even several months depending on the problem involved.

This is why I always suggest that a Buyer get their loan pre-approval started as soon as possible so that if there are any “surprises” they can be dealt with and resolved without causing a huge problem.

This one relatively easy, but very important step, can often go a long way to making the Home-Buying experience as hassle-free and stress-free as possible. There is absolutely nothing worse than intensely looking for your Dream Home, finding it, then being told that you can not be approved for a home loan at this time and you must wait several months before you can move forward with Buying A Home!

Thanks for watching this brief video. If you want to avoid being told that your home loan has been denied, you can start by having a 15-Minute Phone Conversation with me at 405-210-5319 and getting pre-approved for a great home loan!

Thanks again,  this is Kyle with the First United Team with eXp Realty, and I hope you have a GREAT DAY out there.

   - Kyle Noe  The First United Team with eXp Realty

     KyleNoe@FirstUnitedOK.com

     405-210-5319