Information for buyers in the year 2014

This blog is bringing information to buyers for the 2014 new year. Buyers must meet mortgage approval standards according to the GSE-government-sponsored enterprises, such as Frannie Mae and Freddie Mac. They will NOT buy non-qualified mortgages. When purchasing a home always ask questions. If you are still unsure, ask again. Ask until you understand. There is nothing wrong with that. Start tackling your debt and try reducing it as much as you can. A borrower's debt-to-income ratio must be 43 percent or less. This includes the potential mortgage payment. Mortgage lenders will also look at potential debts one may expect in the future. Start your paperwork! Ask a lender what will be needed and get a copy of your credit profile. The three credit reporting agencies, TransUnion, Experian, and Equifax, all offer free credit reports.

What does all of this mean? What changes will be taking place? How can buyers be prepared for these changes? For the answers to these questions please follow the link below to help you get started for this next year.

Buying a home should be exciting and not stressful. Please contact me today if you are in the Houston/Galveston County area and you need someone with a drive and a passion to get you pointed in the right direction. I would be more than happy to help you find your dream home.

https://realestate.aol.com/blog/2013/12/02/planning-buy-home-2014
(you may have to copy and paste link into your browser)

References: AOL Money and Finance, Christine DiGangi, by: credit.com
Report date: 12/02/2013