Home Buyer’s Guide
Our step-by-step guide will help you understand the home loan / mortgage process so you know what to expect when buying a home.
Items need to get your HOME LOAN PRE-Qualification / Approval:
A) Copy of ID/Driver’s License & SS Card
B) Copy of your last two tax returns
C) Copy of last two paycheck stubs
D) Copy of your last bank statement
E) Call Miguel Vazquez of Home Central Financial at 562-881-9811 to set up an appointment
Pre-approval process will take about 30 minutes. Call, text or email to set up the appointment.
After your pre-approval appointment, you will know all the important details of your mortgage details such as:
- What amount you will qualify to purchase a home
- What your TOTAL (taxes, hazard insurance-fire insurance, mortgage insurance – pmi, mip) PAYMENT will be
- You will know what interest rate you will get on your mortgage loan
- Your home downpayment amount; example 3.5% of FHA loan on a $450,000 home purchase price, will be $15,750 (which can be gifted to buyer)
- You will know your mortgage loan closing cost; approximately 2%-2.5% of the purchase price which many times is about $10,000 (In many, many cases closing cost is paid by the home seller. We can also help you get lender credit to offset “closing cost.” Most of our clients only worry about coming up with downpayment & we work with home seller & lender credit to cover your closing cost.
- Credit scores as low as 580 may qualify
- Finance up to 96.5% of your primary home’s value
- Buy a home with as little as 3% or 3.5% down (primary home)
- Many Down Payment Programs For First Time Home Buyers