6 Must-Do's Before Buying a Home

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6 must-do's before buying a home
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Strengthen Your Credit Score

• One old rule still applies The higher your
  credit score, the lower your monthly payments.
• "Below 660 or 680, you're either going to have to
  pay sizable fees or a higher down payment," Zigas
  says. And that's pretty much the cutoff score for
  getting a mortgage, he says.

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Figure Out What You Can Afford

• The buyer's mantra Get a home that's financially
  comfortable.
• There are various rules of thumb that will help
  you get an idea of how much home you can afford.
  If you're using FHA financing, as almost
  one-fifth of buyers get FHA-insured loans, your
  home payment can't exceed 31 percent of your
  monthly income. But with some mitigating factors,
  FHA will let you go higher.

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Save for Down Payment, Closing Costs

• Depending on your credit and financing, you'll
  typically need to save enough money for a down
  payment -- somewhere between 3 percent and 20
  percent of the home's price.
• If you're using FHA financing, then you need a
  credit score of 580 or higher.
• One exception Veterans Affairs loans, which
  require no down payment.

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Build A Healthy Savings Account

• Building your savings is something you should do
  over and above saving money for the down payment
  and closing. Your lender wants to see that you're
  not living paycheck to paycheck. If you have
  three to five months' worth of mortgage payments
  set aside, that makes you a much better loan
  candidate. And some lenders and backers, like the
  FHA, will give you a little more latitude on
  other factors if they see that you have a cash
  cushion.

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Get Preapproved For A Mortgage

• For serious home shoppers, "the No. 1 thing is
  they better have everything in order," says Dick
  Gaylord, broker with Re/Max Real Estate
  Specialists in Long Beach, California, and former
  president of the National Association of
  Realtors. That means that, before the real home
  shopping begins, you want to get financing in
  place, he says.

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Buy A House You Like

• If you're buying today for yourself and your
  family, you want a home that will make you happy
  for the next few years.
• Gone are the days when you could count on a quick
  sale, Tiffany says. And depending on how much you
  put down, and how much you have to shell out to
  sell and relocate, short-term ownership can be a
  pretty expensive proposition.

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Contact Us

• Haylen Group Inc.
• Silicon Valley (Santana Row Location)
• 560 S Winchester Blvd
• Suite 500
• San Jose,
• CA 95128
• http//www.haylengroup.com/
• Resource- http//goo.gl/VN91mv

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