June 28th, 2013
Happy Friday! Time for more Q&A! Please always feel free to send in your questions, I am happy to address them immediately. I hope you find this information to be a true resource. Let's get started...
- What does it take to get pre-qualified? When we really and honestly prequalify someone, we take an application and determine the best path for financing whether that is now or some point in the future. We generally use the rule of 2 in asking for documentation. Two paystubs, two year's W-2's, two month's bank, IRA, retirement, investment account statements, and two year's federal tax returns - all most recently dated, of course.
- We are interested in purchasing an investment property. The property is a duplex but is referred to as a condominium. What are our options? We first need to determine if the property is a duplex or condominium, this will be very important as we work our way through the process, how we price and what options are available to us. Supposing it is a duplex and a simple transaction, the most you can borrow on the purchase of an investment property is 80%.
- We are interested in purchasing a new home, we have not owned a home in about 5 years. We do not have much of a down payment, what can we do? If you have not owned property in the last three years, you are qualified for any of the applicable first-time homebuyer programs. If you are looking for no down payment, VA, USDA or VHDA. If you are looking for a minimal down payment, we do have options for you. Of course, the larger the down payment, the more options you have, but you do have options at low or no down payments. I like to meet with my clients to review all payment structures and costs before he or she makes a decision.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients.
Jennifer Keenan, Senior Mortgage Consultant
NMLS# 101837, Tidewater Home Funding (757) 366-8690