Do I Qualify?
Forward Realty Says Yes When Others Say No
But how do I know if these programs are available for me?
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.
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.
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 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.
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.
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.