Being A Renter And Applying For Rental Unit
Most folks who are looking for an apartment or home to rent need to complete a rental application and pay a credit check fee of $25.00 or more dollars. The landlord will also request references, pay check stubs, and will probably also verify your employment. The landlord might also request tax returns as well as bank statements depending on how strict their rental application process is. If everything checks out, the landlord will require you to put a security deposit which can be your first month and last month rent. The rental application process is very similar to the home buying process and on this blog, we will discuss the advantages of being a homeowner versus renter.
Homeowner Versus Renter
Many renters do not realize that they actually qualify being a homeowner versus renter. Many renters feel that they do not qualify to be a homeowner because they feel that they need substantial funds for the down payment and/or closing costs in purchasing a home. Renters also feel that they need perfect credit to qualify for a residential mortgage loan and feel that just because they have had prior credit problems, they do not qualify to be homeowners.
Benefits Of Being A Homeowner Versus Renter
I have great news for renters. How would you like to be a homeowner versus renter? How would you like to live the American Dream in being a homeowner and start building equity? Have you had prior credit problems? Have you filed bankruptcy? Are your credit scores low? Do you have bruised credit? Have you had a prior foreclosure, deed in lieu of foreclosure, short sale? Have you had prior late payments, collections, judgments, tax liens, and charge offs? If the answer is yes to the above questions, you can still qualify for a residential mortgage loan under our FHA insured mortgage loan programs with no lender overlays. As long as you have a job or steady income but had prior credit and financial issues, I can help you get a mortgage approval and help you be a homeowner versus renter with very little money down and help you cover all of your home purchase’s closing costs with zero money out of pocket. I can also possibly help you get a home with very little money or no money out of pocket as long as you can prove you have the minimum required down payment to meet FHA mortgage loan guidelines. The minimum down payment required might be equivalent to the money needed for you security deposit for a home rental.
How Do I Get Started To Be A Homeowner Versus Renter
If you are a renter and want to be a homeowner versus renter, please contact me at 262-716-8151 or at www.gustancho.com and I will be gladly help you realize the American Dream of homeownership. You can start by completing an online mortgage application by clicking APPLY NOW icon at the top right of this website. I will then pull your credit and review both your completed mortgage application and credit reports. I will then submit both your mortgage application and credit report to Fannie Mae’s Automated Underwriting System ( AUS ) for an automated mortgage loan approval. Once I get DU AUS automated approval by Fannie Mae, you are on the road to being a homeowner versus renter. Unlike banks and most mortgage bankers, I have wholesale lenders who have no internal overlays. As long as you get an automated approval by AUS and can provide documentation of your income, assets, and liabilities, you will get a mortgage loan approval.
How Much Money Do I Need To Be A Homeowner Versus Renter
There are two costs that come into play in being a homeowner versus renter. The first is the down payment of a minimum of 3.5% of the purchase price and the second are third party closing costs which include title charges, transfer taxes, appraisal, professional fees, and other costs related in closing your mortgage loan. Do not worry about the closing costs because 100% of the closing costs can be covered either by getting a sellers concession towards a buyers closing costs or by a lenders credit towards a borrowers closing costs. The down payment needs to be shown on your bank account and sourced. For those who do not have the required down payment can have the down payment gifted by a family member. Keep in mind that in many instances, you do not need the full 3.5% to close on your new home. Unless you are purchasing a newly build residential home from a home builder, you will get a seller’s tax proration credit. All property taxes are paid in arrears in Illinois and Florida so the seller owes you the previous year’s property taxes and tax prorations can be allocated towards a buyer’s down payment. If your property tax prorations exceeds your required 3.5% down payment requirement for your home purchase, you are purchasing your new home with zero money down. Many times, home buyers get cash back and a home with zero money down on a home purchase. Please contact me at 262-716-8151 or at www.gustancho.com if you have any questions or need a realtor referral.