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Displaying blog entries 51-53 of 53

10 Things a Lender Needs From You

Friday, January 25, 2008
by Carol or Jim Chamberlain

 

2. Copies of one or more months of pay stubs from every person signing the loan.

3. Copies of two to four months of bank or credit union statements for both checking and savings accounts.

4. Copies of personal tax forms for the last two to three years.

5. Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, e.g., a boat, RV, or stocks or bonds not held in a brokerage account.

6. Copies of your most recent 401(k) or other retirement account statement.

7. Documentation to verify additional income, such as child support, pension, etc.

8. Account numbers of all your credit cards and the amounts of any outstanding balances.

9. Lender, loan number, and amount owed on other installment loans—student loans, car loans, etc.

10. Addresses where you lived for the last five to seven years, with names of landlords, if appropriate.

1. W-2 forms or business tax return forms if you’re self-employed for the last two or three years for every person signing the loan.

 

 

 

 

Reprinted from REALTOR

® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®  Copyright 2005. All rights reserved. www.REALTOR.org/realtormag

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Web Site Resources for Consumers

Monday, January 21, 2008
by Carol or Jim Chamberlain
 
EnergyGuide.com
Provides an easy way to assess energy use and get quick tips on saving energy.
 
Environmental Protection Agency, www.epa.gov
A one-stop shop for advice on testing for and mitigating pollutants, from lead paint to radon to mold.
 
Equifax, www.eqifax.com
A source of credit reports.
 
Experian (formerly TRW), www.experian.com
A source of credit reports.
 
Offers a list of consumer articles about home sales, financing, and maintenance.
 
Ginnie Mae, http://http://www.ginniemae.gov
Provides advice to buyers on affordability and homeownership, including calculators.
 
U.S. Department of Housing and Urban Affairs, http://http://www.hud.gov/buying/index.cfm
Offers advice to buyers on finance, fair housing, and more.
 
Provides links to contractors and architects for remodeling projects for buyers and repair services for sellers. For a small charge, buyers can use the site’s Estimators to determine how much renovating a property they’re considering would cost.
 
Moving.com
Helps buyers and sellers with packing tips and timetables, online mover links, and places to store belongings so that homes look less cluttered. click here to go to Moving.com 
 
REALTOR.com
Offers consumer information for buyers and sellers as well as home listings and links to service providers. click here to go to Realtor.com
 
Real Estate Buyer’s Agent Council (REBAC), http://http://www.rebac.net/hbk.html
Offers a homebuyer’s kit with useful information and checklists.
 
Trans Union Corporation, www.transunion.com
A source of credit reports.


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6 Ways to Afford a Home

Monday, January 21, 2008
by Carol or Jim Chamberlain

6 Creative Ways to Afford a Home

If your income and savings are making homebuying a challenge, consider these options.

1. Investigate local, state, and national downpayment assistance programs. These programs give loans or grants to cover all or part of your required downpayment. National programs include the Nehemiah program (http://www.getdownpayment.com) and the American Dream Downpayment Fund from the U.S. Department of Housing and Urban Development (http://www.hud.gov).

2. Get the seller to provide financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you do a mortgage.

3. Consider a shared-appreciation, or shared equity, arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and thus share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and all maintenance costs, but all investors’ names are usually on the mortgage. There are companies that can help you find such an investor if your family can’t participate.

4. Get help from your family. Perhaps a family member will loan you money for the downpayment and/or act as a cosigner for the mortgage. Lenders often like to have a cosigner if you have little credit history

5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your downpayment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.

6. See if you can qualify for a short-term second mortgage to give you the money to make a higher downpayment. This may be possible if you have a good income andlittle other debt.

 

 

 

Reprinted from REALTOR

® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®Copyright 2005. All rights reserved. www.REALTOR.org/realtormag

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Displaying blog entries 51-53 of 53

Contact Information

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Carol and Jim
Preferred Home Brokers
3230 E Imperial Hwy, Ste 125
Brea CA 92821
714-726-3144
714-726-3144
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Carol & Jim Chamberlain 714-726-3166 or 714-726-3144                  "Yes, We Can Be In Two Places At Once!"                                              BRE Lic Numbers: 00912962, 01015143