Blog Post Image
Real Estate

For many people the idea of buying a home can be a daunting task. You may have many questions like. Where do I start? Do i have enough for a down payment? Can I afford the monthly payment?

Many potential home buyers underestimate their ability to buy a home now. If you truly have the desire to buy you may be pleasantly surprised to learn that you do qualify.

So, what is your path to home ownership? For every one that may be a little different, but everyone should start with a qualification analysis.

The earlier you start to prepare the easier your transaction will be once you start the loan process. I recommend anywhere from 6 months to a year out. I work with my client’s step by step to give them a clear road map to what needs to be done to get them to their goal.

Here are the things we cover in the qualification analysis:

·         Credit score (580 and above to qualify)

·         Down payment (3.5% of purchase price)

·         Income (2 years in the same type of job)

·         Debt (look at debt that can be paid off)

·         Max purchase price (how much home can you afford)

·         Look at any factors that need to be addressed before starting the process

·         Approximate what closing cost will be

·         Pull annual credit report and fix errors

·         Gather support documentation

Other things to considering:

·         Evaluate your financial expenditures and find ways to save 

·         Designate a savings account specifically for Down Payment monies and Closing Costs

·         Don't open any new credit card accounts

·         Consider cash deposits and seasoning of bank accounts

·         Pay down as much debt as possible (if needed)

·         Try not to make any large purchases such as a car



Bottom Line
Knowing all your home buying options and being as prepared as possible will make the mortgage process much easier for you. With a little help you will find that your dream of home ownership is within reach


Lamont Hyde

TMG Realty & Loans

Your Path to Home Ownership


BRE 01863312 / NMLS 1478632



Those who bring Sunshine to the Lives of others, cannot Keep it from Themselves. 

-An Irish Blessing 


#whittier #norwalk #la mirada #la habra #downey #norwalk #pico rivera #santa fe springs #whittier real estate #norwalk real estate #la mirada real estate #la habra real estate #downey real estate #norwalk real estate #pico rivera real estate #santa fe springs real estate #whittier home buyers #norwalk home buyers #la mirada home buyers #la habra home buyers #downey home buyers#norwalk home buyers #pico rivera home buyers #santa fe springs home buyers #whittier home sellers #norwalk home sellers #la mirada home sellers #la habra home sellers #downey home sellers #norwalk home sellers #pico rivera home sellers #santa fe springs home sellers #fire you landlord