Are you tired of reaching out to a big faceless organization, not supporting local businesses, tracking down 800 numbers and remembering extensions, calling only during normal business hours with no text features?
Before you start looking for your first home, we can help you with a Jacksonville, Florida mortgage Pre-Qualification.
369 Home Loans offers Jacksonville Mortgage Home Loans can help you get pre-qualified or preferably pre-approved and on your way to home ownership! Simply fill out our mortgage Pr-Qualification form securely on our website; the button is located on the top right of the home page! With a Pre-Qualification letter in hand, you know that you may get approved for a mortgage before you even look at your first potential new home. It’s the first step in making a smart decision.
The three major items needed for approval for a refinance or purchase are as follows: CASH, CREDIT & INCOME.
- CASH – Cash means where is your down payment located and how much do you have. Do you have enough cash to buy the home such as 3.5% down for an FHA loan or 3%-5% down for a Conventional Loan. These are the lowest available besides a VA Loan which is No Money Down. Therefore, we need to trust and verify where the cash is coming from whether it be a checking account, savings account, 401K, investment account, or gift funds from a family member. This item MUST be trusted and verified through documentation.
- CREDIT – We must pull credit and verify a credit score and a debt to income ratio among that credit score and the debts tied to that credit. The minimum available is down to a 550 credit score although this is marketable it is nearly impossible. Most will need to be at least 580 credit score to have a swinging chance at clearing a DU or LP approval. In order to have the most likelihood for closing is a minimum of a 620 credit score. A 620 is normally attainable for an FHA loan as this is a government backed loan designed to approve lower credit score buyers and offer a lower down payment of just 3.5%. Therefore we need to pull credit and hopefully with will be a high 700 score and we can do a Conventional Loan is the most ideal situation unless you are a VA buyer.
- INCOME – Finally income needs to be trusted and verified with tax returns, pay stubs, and W2’s. These items detail into the most recent two pay stubs or last 30 days. If you are paid weekly we will need 4 pay stubs. If you are commission based we will need two years of tax returns and will average your commission among those two years. If you are salary we will want to see your pay stubs and W2’s.
Some realtors will require buyers to get pre-qualified before even starting to house hunt. It’s an effort to minimize anyone wasting any time including the buyers time. A simple mortgage Pre-Qualification letter for a Jacksonville Mortgage can help you narrow your search to find exactly the home you need. It also makes the mortgage application process that much smoother and increase the close rate from 50/50 to over a 90% success rate.
Determine how your credit looks.
What mortgage can I afford? First, Mortgage Lenders or a Jacksonville Mortgage Broker will look at your payment history whether purchase or Jacksonville Refinance as well as income, and current debts to determine how likely you are to pay your loan each month. The number value assigned to your “reliability” is known as your credit score and is one of the biggest factors in getting approved for a mortgage.
There are many websites that allow you to quickly check your credit & credit score for free. Two of our favorites are www.freecreditreport.com and www.creditkarma.com. We also respect www.creditsesame.com and www.credit.com as other websites that give relatively accurate depictions of your score. Although we cannot be 100% certain unless we pull credit ourselves. We will pull from all three credit bureaus which are TransUnion, Equifax, and Experian. We will use your middle score, not the highest score and not the lowest score.
If you have a credit score below 620, consider delving deeper into your report to make sure it is accurate. Stay current with all monthly payments and reduce debt where possible to boost your score and ask a Jacksonville Mortgage Lender to pull your credit and review this with you.
Talk to an expert at 369 Home Loans is a Jacksonville Mortgage Company about your financial history, goals, and the path to buy a home. Call us today & find out if you qualify for a mortgage pre-qualification in Jacksonville, FL and Ponte Vedra Beach FL!