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What do I have to do to purchase a home?
The first step would be to pre-qualify for a home loan. You’ll also want to determine your monthly budget for the house to help you determine the range of properties you could buy. Your RJF Team buyer agent can then best advise you on ideal properties for your taste, needs, and budget.
What is a loan prequalification?
Loan prequalification is based on the information you provide that helps the lender determine your ability to be approved to borrow for a home loan. The prequalification process is shorter than the more in-depth, formal loan application process, but helps both you and your RJF Team buyer agent know the appropriate price range for your house search. Sellers will also want to know that you’ve been pre-qualified when you submit an offer on a home. A successful pre-approval means that the lender has already verified your income and any savings for the down payment of the house, if applicable.
What if I don’t have a Social Security?
If you do not have your permanent status in the country, you can still borrow to buy a home! There is an option for a home loan using your ITIN number. This program requires 2 years of tax returns and 20% down payment. We would be happy to provide you with more information.
What if I have bad credit?
Our expert lenders can review your credit report and advise you on how to improve your credit score. Also, we can refer you to other experts who can help you with repairing your credit, if this is necessary.
Is there down payment assistance?
The state of Texas offers a few down payment assistance programs to help you to buy a house. These programs have some qualifying requirements including credit score and family income. Our lender partners can offer you more information.
What are the costs associated with a loan?
The cost of a loan can vary, but here is information that can be typical: Loan origination fee of $1,495 plus fees from the title company which is often $1,000- $1,500, but depend on the price of the house. You’ll also need to establish escrow accounts that will set aside a portion of your monthly payments to ensure you can pay your county property taxes and house insurance premiums which can cost between $2,000 – $3,000. All-in, the cost to establish the loan can be between $5,000- $6,000. Again, all of these costs will vary based on the amount you are borrowing and your particular situation. The lender can provide you with more personalized estimates.
How long does the process take?
From the day your offer to purchase is accepted, it usually takes about 30 days to complete the loan process.
What is a home inspection?
The inspection of the house consists of having a professional inspect the interior and exterior of the house. Home inspections are not something that the lender always requires, but it is recommended so that you can be assured of the condition of the home you are planning to purchase.