How do I find out if I qualify to buy a home!
One of the first steps you need to do when planning to purchase your home is find out if you qualify for a loan unless you can buy for cash. To find out if you qualify, you have to get in touch with a Loan Officer at your local bank or you can fill out a mortgage loan application on any large financial institution. After you have completed a loan application, it may take 24 to 48 hours to find out what is the amount you qualify for.
The Loan Officer or the bank will request the following documents from your prior to giving you a loan approval letter:
- Bank Statements for the last 3 months
- Taxes for the last 2 years
- Pay check stubs for the last 30 days
Be prepare to provide other documents as different institutions have different requirements.
To give you a general idea of how to figure the amount you qualify for a loan, here is a general consensus we Real Estate agents recommend to our clients:
- 36% of your total income should go to pay debt, out of this 36%, 28% should go towards your mortgage payment
- 31% of your total income goes to pay taxes, this is anational average
- 33% of your total income goes to everything else such as food clothing entertainment and other activities of your daily life
To start the process of buying your home, please fill out the form below, one of our real estate agents in Atlanta will contact you to guide about the home buying process.