THE HOME BUYING PROCESS

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How Can I Get Pre Qualified For a Mortgage Loan T​o Determine My Budget?

FIRST TIME HOME BUYER - PRIMARY RESIDENCE

• Minimum Credit Score 500 with 10% of the purchase price for down payment plus closing costs.
• Minimum credit score of 580 with 3.5% of the purchase price for down payment plus closing costs.

PRELIMINARY DOCUMENTS NEEDED

• ALL pages of your last 2 years of tax returns.
• Last 2 years of W-2 and/or 1099.
• Recent pay stubs if W-2.
• ALL pages of recent bank statements.

CONVENTIONAL LOAN PRIMARY RESIDENCE

• Minimum Credit Score 680 with 3% of the purchase price for down payment plus closing costs.

Preliminary Documents Needed

• ALL pages of your last 2 years of tax returns.
• Last 2 years of W-2 and/or 1099.
• Recent pay stubs if W-2.
• ALL pages of recent bank statements.

PRIVATE LOAN- NO CREDIT OR INCOME VERIFICATION

• 30% Down Payment of the purchase price plus closing costs.

HOW TO PREPARE AND WHAT TO EXPECT DURING THE HOME BUING PROCESS

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​Buying a property always seems like such a daunting and pressure-filled task—but it doesn’t have to be! No matter where you are on the property ladder, our professionals will help you every step of the way. At Acosta Real Estate Team, our goal is to provide you with expert, caring and candid advice throughout one of life’s most important transactions.

ACTION PLAN TO BUY IN THE FUTURE

• Save up for a down payment if needed.
• Get prequalified with a lender to make sure you know your budget, have all of the necessary documents required, and have your finances in order.

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THE BUYING PROCESS

• Once you have a up to date pre qualification letter, we will match up homes that fit your criteria and view them.
• Send offers on desired homes.
• Once an offer is accepted, we are under contract.  An earnest money deposit will need to be held with a title company.
• Due diligence period (inspection, home appraisal, final loan approval). Inspection period, this is where you can send an inspector to the property and make sure what you are getting into and if the property needs any repairs or replacements.  This can then be re negotiated back to the seller.  Appraisal period (if aplicable), this is where your bank/lender will make sure the property is worth the contract price.  Receive final loan approval.
• Obtain Homeowner Insurance.
• Get the Keys to Your Dream Home and apply for homestead exemption if primary residence.