Buying A Home Is EASY!

In order to build wealth in real-estate you have to first invest in it, and this can be done via a primary purchase or as an investment purchase.

To keep things moving along we will focus on this being your primary residence. In order to purchase a primary residence, you must pay in cash or obtain a loan through a lender and have that converted into a mortgage via the deed.

1) A 500-credit score and above can qualify, (how ever see loan types in the video center for details) - (multiple late payments with in 2 years can affect an approval)

2) Someone with full time Employment history spanning over 2-years. Or 1-year if you were in college prior. (Part-time work history can be used but must be constant over a 2-year span.)

3) A person whose income can be verified by an employer or Income taxes If self-employed.

4) A Self-Employed Borrower can purchase a home with 1 year of income verified by taxes. (but will not qualify for traditional funding)

5) Have the funding used to pay for down payments and closing cost in a bank account, if the funding is in someone's account you will need a gift letter from that person along with a bank statement verifying the money is available.

*(All moneys are to be sourced and traced for example if three different people are giving you a gift, we will need 3 different letters and three different bank statements. There is no getting around this rule.)

Who can purchase a home?

Anyone that has the following.

1) The lender will send you a copy of your Preapproval letter to give to your agent. (a pre-approval letter is needed in-order to place offers on homes in NC)

2) Find your home, make an offer based on the loan amount in your offer letter, and wait for acceptance.

3) Once offer is accepted sign your initial docs with the lender, so the appraisal can be ordered.

4) Go over items in the appraisal with your agent so that you can collectively iron out the details. (also stay in contact with your lender as well during this phase)

5) A date will be set with your attorney by the processor on your loan via the lender; you will then close with the attorney. (Your Mortgage loan originator, and Agent will want to be there to congratulate you on a job well done.)

Now that you qualify, What's next?

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