Avoid the Eight RoadBlocks to Home Loan Pre-Approval

Dated: September 1 2021

Views: 355

   

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 

                                Loan Is Pre-Approved

 

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 

1 comments in this topic

  • Posted by Lori Ducsay
    09/18/2021
    Do you also have listings for rentals.

Latest Blog Posts

Avoid the Eight RoadBlocks to Home Loan Pre-Approval

   Avoid the Eight RoadBlocks to Home Loan Pre-approval        with our Pathway to HomeOwnership Game Plan  GET STARTED with a 15-Minute Phone Call &

Read More

The Value Of Working With An Experienced Buyer's Agent

      Are You Working With An Experienced Buyer's Agent?           You Might Be Interested In the Information In This Video!Today we will be talking

Read More

HOMEOWNERSHIP? Is It Time To Make Your MOVE?

    First Time Buyer and/or Currently A Renter? At this time, HomeOwners make up about 65.6% of households in the United States. The vast majority of Americans feel that the

Read More

8 Key Steps To HomeOwnership in 2021

                           Click here to schedule time                    ;

Read More