If you have looked at brand-new homes, you have probably seen floor plans. They can be found on builders' office walls and you may even have brought home a set for your house file. However, if you are considering an older home, a floor plan may not be available. Therefore, mentally walk your way through any older house that interests you. Imagine both your daily routine and a special situation. You will have to make your own notations, in lieu of a set of plans, of where walls, windows, doorways, and so forth are situated in the house. You do not have to make a fancy drawing, but it is smart to scribble some kind of floor plan, even though you can actually walk through the rooms of the house.
Those who have completed short sales and that were among the first round of foreclosure victims should now be getting back to the point where they can qualify for mortgages for buying a home again. There is still a window of opportunity to take advantage of low home prices and low mortgage rates but it won’t last forever. So what do you need to do to get prepared for buying a home again?
1. Credit
Start by taking a look at your credit report. If anything inaccurate is showing up, dispute it. This can include old foreclosures which should have dropped off, late payments or charge offs which should show satisfied and balances. It’s also smartest to talk to a mortgage pro to analyze where you can make the biggest impact in improving your credit score before taking action.
2. Debt Ratios
A part of your credit score and any mortgage application today is your debt-to-income ratio. Keep this down by refusing to take on extra debt, paying down credit cards and installment loans.
3. Paper Trail
This is where most would be buyers fall short and sabotage themselves and their efforts of buying a new home. Don’t underestimate this. Failure to keep a solid paper trail can put you back years. This is especially true when it comes to paying rent. So many went off the grid after losing their homes early on in the crisis and paid cash for everything. Sorry, but those hand written rent receipts from your landlord aren’t going to cut it.
4. Taxes
No one loves taxes or paying more of them but especially for self-employed home buyers it is critical to have taxes filed and not to be trying to hide too much from the IRS or your reported income won’t support your mortgage application. http://www.rhnws.com.au/aboutus.php
Those who have completed short sales and that were among the first round of foreclosure victims should now be getting back to the point where they can qualify for mortgages for buying a home again. There is still a window of opportunity to take advantage of low home prices and low mortgage rates but it won’t last forever. So what do you need to do to get prepared for buying a home again?
1. Credit
Start by taking a look at your credit report. If anything inaccurate is showing up, dispute it. This can include old foreclosures which should have dropped off, late payments or charge offs which should show satisfied and balances. It’s also smartest to talk to a mortgage pro to analyze where you can make the biggest impact in improving your credit score before taking action.
2. Debt Ratios
A part of your credit score and any mortgage application today is your debt-to-income ratio. Keep this down by refusing to take on extra debt, paying down credit cards and installment loans.
3. Paper Trail
This is where most would be buyers fall short and sabotage themselves and their efforts of buying a new home. Don’t underestimate this. Failure to keep a solid paper trail can put you back years. This is especially true when it comes to paying rent. So many went off the grid after losing their homes early on in the crisis and paid cash for everything. Sorry, but those hand written rent receipts from your landlord aren’t going to cut it.
4. Taxes
No one loves taxes or paying more of them but especially for self-employed home buyers it is critical to have taxes filed and not to be trying to hide too much from the IRS or your reported income won’t support your mortgage application. http://www.rhnws.com.au/aboutus.php
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