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Do I Qualify?

Forward Realty Says Yes When Others Say No

How do I qualify for the best financing Program?
That’s a great question and we promise to do all we can to be certain that happens. Our company strongly believes the best financing program is equally as important as locating the perfect home. In fact, Forward Realty takes great pride at choosing the top rated banks, lenders and mortgage companies that understand our mission, “To provide you the perfect home with the best possible financing available.”

 

As you may already know, not all banks and lenders guidelines are the same. In fact, a majority of lenders are not aware of special financing programs that can save you money when it comes time to purchase a Home. Paying no closing costs out of pocket, fixed interest rates offered below the current market and loan programs with as little as $500 total down are just a few examples of the savings that you will receive when buying a home with a Forward Realty Agent representing you.

But how do I know if these programs are available for me?

That’s where we come in. Our state licensed Real Estate Agents are highly trained with years of experience at knowing the best loan programs available in the market. We offer you a free in depth mortgage analysis that provides the details needed to effectively evaluate the best loan products that you can take advantage of. We will go over these programs with you in great detail and determine the best financing option that is best for you.

 

When you call our company to schedule a showing one of our agents will guide you thru the process. You will feel at ease and also have the opportunity to view/tour several homes and be provided with valuable information as it relates to your total monthly house payment.

You will become very knowledgeable and comfortable at knowing exactly how the financing program works. Our commitment is to get you signed up for the best financing program available in the market place. Forward Realty has continually maintained an A rating with the Better Business Bureau and wants to be certain that you are satisfied with how we serve you.

 

Here are some mortgage guidelines that may further help determine your loan eligibility.

 

Income Verification:

Every lender will want to verify your income to be certain you qualify for a mortgage. You will need to provide copies of your W-2’s, completed tax returns for 1 to 2 years, banking statements and paycheck stubs. The lenders will also contact your employer to verify your income and employment status. If you are currently self-employed the last 2 years of profit and loss statements along with your tax documents are usually required and we will be glad to talk with you further about anything that may or may not be needed.

 

Existing Debt:

All lenders not only consider how much income you make, but also take into account all the money you have going out each month to pay for your monthly bills. Lenders use income ratios when approving you for a mortgage. When determining ratios the lender calculates your total monthly gross income (before taxes) and divide that by your monthly debts (car notes, minimum credit card payments, student loan payments, child support, etc). Don’t worry, if your debt to income is a little high we have ways in helping you lower your monthly debt.

 

Credit Scores:

Credit scores are definitely a major factor when determine your mortgage eligibility. Keep in mind all banks and programs are different with the minimum credit scores required. Lenders will look at your last 12 months of payment history to see if your bills are paid on time or if you regularly send in late payments. There are 3 credit agencies that track and record your credit score. The lenders will use your middle FICO score to determine your credit rating. The scores are not based on human judgment but instead are based upon a mathematical formula. Forward Realty’s Experts can provide you a free mortgage analysis to determine you credit score rating and find the best way to get you approved.

 

What Kind of Credit Score do I need?

That’s another great question and really depends upon the lenders required guidelines. Remember, not all lenders have the same guidelines. You can actually have no credit scores and still receive the best financing as long as you can provide 3 lines of credit such as utility bills, phone bills and an on time rent payment history. Generally speaking, the lenders our company works with require a minimum credit score between the 580-640 range. If you have challenged credit and need some direction to get it raised we will provide you the needed resources to get your credit score boosted in the right direction. Below is a very helpful graph on how your credit score is calculated.

fico-chart

 

So why not start the home buying process today?

All of us here at Forward Realty look forward to serving all of your new home needs. Our expertise and service is free to you. If you choose to purchase a brand new home or a re sale home our fees are covered by the builder or home owner and the price of your home does not go up. In fact, we are able to offer you additional promotions at many of the top rated neighborhoods that you would not be able to get on your own or through other realtors or builders. We also are the top negotiators and know what a home should sell for do to market conditions and area current home sales. We would love the opportunity to serve you and we thank you for considering Forward Realty. Don’t delay another day, contact us today to get started.