Aug 14 2010

How to Qualify for a Home Loan |

Before you start seriously looking at homes, it’s a good idea to put a plan in place to qualify for a home loan. It may not be realistic to qualify for a loan big enough to purchase your dream home, but there are things you can do to improve your odds of qualifying for a reasonable loan based on your family’s income.

  1. Set a reasonable goal. Work with your real estate agent to come up with a maximum monthly amount you can devote to a loan, taxes, insurance and maintenance. Your lender can also help you determine the maximum loan amount you would currently qualify for.
  2. Make your financial situation clear to the lender. Explain any pending improvements to your financial situation, such as a raise or new source of income.
  3. Develop a plan to save money for a down payment. Find a source of additional income, such as a second job or find a way to cut back on other expenses. Then, calculate how much money you can save each month and how long it will take you to save enough for the down payment. Plan to apply for a home loan after you have saved enough for the down payment.
  4. Eliminate debt. Pay down credit cards, sell a car or trade down to a cheaper car. If you cannot eliminate debt, consolidate your debt to get your monthly payment down. Not only will eliminating debt give you more money to spend each month, it improves your credit rating.
  5. Talk to your real estate agent about alternative funding options to consider. If you are a veteran, you may qualify for a Veteran’s Administration loan without a down payment. You may also qualify for a balloon mortgage, which has low monthly payments for an initial period.
  6. Look for a home for sale with an assumable mortgage with a desirable interest rate. With an assumable mortgage, you’ll take over the payments and interest rate and pay the difference between the selling price and the remaining amount owed on the loan. You will still have to qualify for this type of loan, but a good interest rate could give you a better chance of qualifying.
  7. Start out with a less expensive home. Find a home in need of remodeling or a smaller home than your ideal home. While living in this home, you can save money and prepare to trade up to the home you really want. Buying or selling a home will give you a credit boost to help you qualify for a larger loan.

Tips & Warnings Lenders suggest you spend no more than 28 percent of your monthly income on a mortgage payment. Improve your chances of qualifying for a home loan by having a friend or family member co-sign for the loan. via How to Qualify for a Home Loan |

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May 28 2010

Preparing for Homeownership

Before you begin your home search at, prepare yourself by reading Ten Steps to Homeownership.

Even before you begin looking for a home, the homebuying process requires diligent preparation. Buyers who have been preapproved for a home loan often have their offers taken more seriously by sellers. With advance preparation, you can tackle the process of acquiring the financing you need with more confidence. To help you on the path to homeownership, NeighborWorks® offers* step-by-step guides, developed by the Fannie Mae Foundation, that can help you get closer to achieving your dream:

via Preparing for Homeownership.

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May 25 2010

Custom Golf Course Home w/ RV Hangar

204 Golfview Dr. North – MLS ID 60983

Quality-built custom home with beautiful golfcourse vistas. Floors are hickory and/or tile, granite countertops in the kitchen. Includes 30×60 metal RV garage and shop and greenhouse.

Basic Features

City Name: Hilltop Lakes

County Name: Leon

Schools: Normangee ISD

State: TEXAS


Type: Single Family

Zip: 77871

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May 20 2010

Home Buyer Checklist For 2010 | ThinkGlink

Ilyce has compiled a checklist to be used by home buyers, and in particular, first time home buyers when looking for a new home. While her best selling book 100 Questions Every First Time Home Buyer Should Ask outlines many of the items in this checklist. It’s good to have a handy list when shopping for a home. You can buy Ilyce’s book at most bookstores and at most online bookstores including, and

Wouldn’t it be great to have a home buying checklist? Something you could stick in your pocket that would remind you to ask all the right questions and make a smart home buying move?

As we count down the final few weeks to take advantage of the $8,000 first-time home buyer tax credit and $6,500 long-term homeowner tax credit, it’s helpful to have a checklist all home buyers can turn to.

via Real Estate Advice: Home Buyer Checklist For 2010 | ThinkGlink.

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