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Scared of Being Denied a Mortgage?

Just dropping a piece of real estate advice for anyone that’s been contemplating buying a house. Financing typically scares people off due to rejection and thinking that “no” is the end of their house hunt.

So, here you have it:
Minimum credit: 580 (can be lower but with that comes a higher down payment👎)
Down payment: honestly it’s typically 3.5% for FHA but can get many different assistance programs
Closing costs: let me negotiate that number to be ZERO $0 for you 🤭😉 Seriously, though.

Most importantly, 🖐don’t let a lender just tell you “no” without giving you the exact route to take to get you to a “yes”. I have had more clients be told “no” than “yes” but still ended up getting approved within 30-60 days because they were given a plan and followed it.

Which brings me to my next point. Go with a REPUTABLE lender. 👀 Research these people. Ask lots of questions (don’t be scared to do this). Check out their reviews. Make sure they’re local (that’s actually pretty important). And most importantly do NOT let them or an agent pressure or push you into a house or a loan type you’re not comfortable with. That’s typically the number one sign they’re not looking out for your interest as their client, but their own. 

Reach out anytime with questions. I’m always more than happy to educate and not pressure ya 😉

call/text: 682.232.2323……………..or email………….megan@onestopregroup.com

Pay your Home Off in Half the Time

Don’t put down more than what financially makes sense. You can pay off a 30 year mortgage in 16 years by doing the following:

Making only TWO additional house payments per year. But you can break it up to make it easier on the budget. Here’s an example:

House payment of $1500 divided by 12 months times 2 = $250.

Just pay an additional $250 on a $1500 mortgage payment and you will shave off 14 years of payments, debt and interest. 🤭😉 

#TodaysRealEstateAdvice #MakeYourMoneyWorkForYou

How Much do I Need to Buy a House?

This is probably the number one question I get asked and the number one factor that keeps people from trying to buy a house. So, I’m going to try to answer this for you in the simplest, but broadest way to give full insight on multiple scenarios. 

It can be as low as $0, as we all know from the zero down advertisements. But how often does that really apply? That solely depends on credit score, income, debt to income ratios and some restrictions on location. To qualify for zero down, you need to have at LEAST a 620 score (but it’s much better to be above a 640 in this case) and can’t make over roughly $86k in Tarrant and Dallas county. (Requirements change regularly, so this was accurate as of 2018). 

Don’t qualify for zero down? There’s another option; FHA loan. That’s 3.5% down of the purchase price of the house and a minimum credit score of 580. So for example if you are buying a $200k house, downpayment needed is $7k. A $250k house, downpayment would be $8750. There are other loan types that require a bit higher down payments but have less fees in the long run, making it a financially smarter investment. 

But there’s also closing costs to consider in addition to the downpayment. They range up or down depending on the transaction. Typically it includes home owners insurance, mortgage insurance, appraisal fees, survey, taxes. But those vary depending on the contract your agent negotiates for you. 

The good thing? You can get your closing costs paid by the seller! Now, that’s where a good agent comes in. They can research the property and market and guide you on what potential options there are on getting closing costs covered…even in this sellers market! 

So, to answer this question, it varies depending on the contents of offer, the price of the house, and the type of loan you can get. But don’t ever let that discourage you from reaching out to see what your circumstance can be. Agents and lenders have lots of tricks up their sleeves to help their clients out, so just be forthcoming with as much information as possible and you might be surprised with what can become your reality.

Contact us to see how you can qualify for a home loan and explore $0 down options like USDA, VA, Public Servant Programs and more!

Frequently Asked Questions

What should the customer know about your pricing (i.e., discounts, fees)?

We offer special pricing to our clients that we represent multiple transactions for. For example, our clients that we are representing to sell their current home and purchase a new one get a special pricing. We also offer different packages depending on our clients needs. Please see our pricing section of our website to review details or contact us directly.

What is your typical process for working with a new customer?

The most important thing when working with a new client is to setup an initial meeting to go over every component of what to expect in the process of a real estate transaction. This can be done at our office, or can even be done at a local Starbucks or the convenience of our clients home.

What education and/or training do you have that relates to your work?

We have met all of the State of Texas education requirement to be a licensed sales agent in Texas. We have additionally completed the requirements to become members of the National Association of Realtors® and given authority to be granted the privilege to use the member title, Realtor®. We have hundreds of hours of Texas Real Estate Commission and TRELA approved education courses that assist us with the knowledge required to represent our clients seamlessly.

How did you get started doing this type of work?

I have always indirectly been around the real estate profession coming from a family of brokers, agents, and investors. After hitting my peak 10 years into a business finance career and running the operations of other companies, I decided I wanted to shift my focus to serve more people. With real estate, I am able to assist more individuals in meeting their goals, whether it be commercial, residential or property management, in the same amount of time I spent aiding one company. This has given me the opportunity to teach more people how to obtain the business or housing goals they have, showing them the backend tips and tricks to getting their loans funded, yielding the highest return in an investment, and where to err on the side of caution. It is a true privilege to represent each client with their journey in real estate and it is not something we ever enter into carelessly. -Megan Leija

What types of customers have you worked with?

We have worked with first time home buyers, vacation/secondary home buyers, residential sellers, luxury sellers, commercial projects establishing business plans for these buyers, Veterans, police officers, teachers, coaches, doctors, many types of investors, general managers and many more. Our client-base is very broad and we tailor to the need of our clients.

What advice would you give a customer looking to hire a provider in your area of work?

INTERVIEW YOUR AGENT! The most important thing is to ask questions and there is no such thing as too many questions. Make sure that who you are hiring is experienced in the field and has plenty of business. The reason why them having business is so important is bc they will be less likely to give you unfavorable information to get a deal closed. Ask for references from past clients of theirs and check their online reviews. It is so important to research the professional you hire, as it is usually the largest transaction someone makes – you want to make sure they have YOUR best interest in mind.

What questions should customers think through before talking to professionals about their project?

With the driving force of any project being financially driven, the very first thing you need to do is establish a budget. If you aren’t quite sure what the market price is for the given project, check with your real estate or industry related professional to provide you with these details. Once a budget is established, you can begin ironing out the fine details like location, size, material, service partners, timeframe, etc. Most importantly, do not wait until last minute to begin the process. Get with your real estate professional early-on so that you can prepare for everything in a timely manner and not have to skip over certain important steps due to the lack of time. A professional that truly has their clients best intentions in mind works with them for the longevity of a goal.