Financing tips for buyers of Ormond By The Sea Florida homes and condos

Financing tips for buyers of Ormond By The Sea Florida homes and condos
This information is taken from the buyers resources page of the Ocean View Realty Group web site http://www.ovrealty.com/buyers__resources.html

A few hints for buyers who need to finance a real estate purchase. 

- Obtain a recent credit report and review it with a mortgage specialist.
There may be ways to raise your score prior to applying for a loan.
-Increase the down payment. Since risk-averse lenders are avoiding conventional 95 to 100 percent mortgages, an applicant who can make a 10 to 20 percent down payment is much more likely to be approved.
-Be prepared to verify income and assets. It’s far more difficult to obtain “no-documentation” or “low-doc”
loans today because of stricter underwriting standards.
-Apply for a government-guaranteed loan from the Federal Housing Administration (FHA) or U.S. Department of  Veterans Affairs (VA). These loans can finance up to 100 percent of the purchase price.
-Shop around for rate quotes from banks and mortgage companies and get a pre-approval letter indicating the amount of mortgage financing you qualified for.

Now for a few things to avoid while getting ready to apply for a home loan
(or even after you apply but before the loan is closed).

1. Do not change jobs, become self-employed or quit your job.
2. Do not buy a car, truck or van (or you may be living in it)!
3. Do not use charge cards excessively or let your accounts fall behind.
4. Do not spend money you have set aside for closing.
5. Do not omit debts or liabilities from your loan application.
6. Do not buy furniture especially if it needs to be financed.
7. Do not originate any inquiries into your credit.
8. Do not make large deposits without first checking with your loan officer.
9. Do not change bank accounts.
10. Do not co-sign a loan for anyone.

For information about Ormond Beach and Ormond By The Sea homes and condos for sale or rent, contact Ocean View Realty Group or visit our web site at http://www.ovrealty.com/.