Everybody should have enough money for all their needs. But only a handful of people have money to cater for all their needs. All the others have no option but to borrow money to enable them to meet their financial obligations like buying a home. Things have changed greatly however because, for instance in the 1930s when taking a mortgage, you would need to have at least 50% at hand. The loan would then come due in 5 years. This was until President Franklin D. Roosevelt came up with the Federal Housing Administration. It offered up to 20 years of mortgage plans. It had surprisingly low down payments. By 2000, more than two-thirds homes had a mortgage and only a few of them were mortgage free. Most of these were owned by affluent citizens. Today you will learn about what you need, to qualify for home loans in Plano.
Ask yourself whether this loan applies to you – First of all, you are eligible for a home loan in Plano if you are a first home buyer. You also qualify for one if the loan is intended for home improvement projects as stipulated in the FHA 203L loan guidelines.
Which mortgage type do you need and what are its terms? – You do not qualify for just any home loan, as you will need to specify the type of product for which you want to acquire. You have to be clear on the amount you are applying for, its terms which include the repayment period otherwise known as amortization, and also its interest rate.
The information about the property and what you intend for the loan – Here, you have to state the address and also the legal description of the property in question have to be relayed. The year built or whether the loan is for buying the property, or refinance, or if it is new construction you want to put up. You also have to explain the type of residency; whether it is a primary, or secondary or also if it is an investment.
Borrowed information – State your identifying information such as your full name and your date of birth, your education background, marital status, your social security number, address history as well as the number of dependents.
Employment data – For you to qualify for a home loan in Plano, you need to state the name and contact info for both your initial and current employers. Also, state whether you have held your current position for not more than two years. Other employment information includes the date you got employed, your title and also your salary.
Assets and liabilities – Relay all your banks and credit union account information and also your life insurance. State your bonds, stocks, retirement savings as well as your mutual fund accounts and their corresponding values. Your liabilities also must be listed. These include alimony, revolving charge accounts, car loans, child support, student loans and all outstanding debts to qualify for loans in Plano
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Things to certify to qualify for home loans in Plano
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