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Home Buying Guide
You also need to provide information regarding all properties you own by providing the most recent mortgage statements, HOA fees if applicable, and proof of tax insurance costs if there is no mortgage (or if those payments are not included in your mortgage payment). Because it is necessary to disclose your debt, the lender will run your credit and use your FICO scores as well as the debt listed on the report to determine your maximum loan amount.
Though it varies by loan program, you will typically be able to borrow up to 45% of your gross monthly income with housing and all other debts combined...these are estimates and your lender can help you further with this. It’s important that you disclose all your debt, even if it doesn’t seem to be on your credit report. Your lender is your advocate, but the last thing you want is for something unexpected to pop up at the last minute and lose you the loan and the home.
There are some important things to avoid while you’re trying to get a mortgage:
• Don’t apply for any new credit such as credit cards or car loans
• Don’t pay off a credit card balance
• Don’t close any credit cards
• Do not max out a credit card
• Do not pay off any collections or old charge offs
• Do not change jobs
While some of these things seem counter-intuitive, credit is a touchy animal and even doing things that seem “good” could actually lower your score and cost you a loan. Consult your loan officer first!
Looking For
A New Home?
I can help with your new purchase or refinance. Contact me today!
Tara Purvis | 229.560.6437
Licensed Branch Manager | NMLS 546529 | Licensed in FL and GA tara.purvis@angeloakhomeloans.com | Apply online: tarapurvis.angeloakhomeloans.com
Angel Oak Home Loans LLC NMLS# 685842, For licensing information, go to: (www.nmlsconsumeraccess.org), Licensed in AL, AZ #0927070, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act , CO, CT, DE, DC, FL, GA #32379, ID, IL, IN, IA, KS, KY, LA, MD, MI, MN, MS, NV, Licensed by the N.J. Department of Banking and Insurance, NM, NC, OH, OK, OR, PA, Rhode Island Lender License, SC, TN, TX, VA, WA dba AOHL LLC, WI. 3338 Country Club Rd E-2 | Valdosta, GA 31605. HL_A368_0621
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