This step increases the buyer's leverage position with Realtors and sellers. A mortgage lender wants to know that your income can comfortably cover monthly mortgage payments and your assets are sufficient to cover the downpayment and closing costs. Acceptable sources of household income include earnings from your regular job and any secondary jobs, as well as overtime, commissions and bonuses. Your mortgage consultant can help you address and correct any past credit problems in such a way that your chance of credit approval will be greater. For example, if you have ever encountered some credit problems due to a lengthy illness, proper explanation for the problem can go a long way to rectify the negative perception created by a temporary set back.
Downpayment requirements differ from program to program.
Easier qualifying guidelines and reduced closing cost options are features of many of the programs available. Selecting a qualified agent, who is able to answer your questions regarding the area, population, school districts, taxes, etc., will be a big time-saver, since he or she will save you a trip to the local records department. What is essential to one homebuyer may be of no value to another. If someone in your family is disabled, a one-level home with wheel chair access may be a necessary feature. However, you may decide that adding a customized ramp after the home purchase is more cost effective.