So You Want to Buy a House?

Congratulations on beginning the journey of buying a

NEW HOUSE!

Patience and preparation are keys to homeownership in California, here are a few guidelines:

PREPARE

Here are the basic requirements:

1) Working minimum 2 years.

2) Taxes filed minimum 2 years.

3) Have a stable credit score (about 620, score varies with each bank).

4) Have money in the bank for the down payment and closing costs.

Down payment is about 3.5% of the price of the house (ex. House price: $450,000 down payment is $15,750). Closing costs range between $7,000-$10,000.

The best thing to do next is speak with a Mortgage Lender. They will need to review:

1) 2 years taxes

2) Pay-stubs for 2 months

3) Bank statement for 2 months

4) Social Security & ID

Let me know if you would like me to have a Mortgage Banker contact you 323-543-1881.

After a bank has “Pre- approved” or “Pre- qualified” you for an amount. You are in a better position to begin looking and making offers on homes.