It all starts with a plan

Have you thought of buying a home but not know where to start? For many, this is the biggest hesitation but it all starts with a plan.

First, don’t be swayed by popular myths of what you need to buy a home, like needing to have 20% down payment. No you don’t. You can have as little as 3% down and some programs allow for even 0% down! Don’t have that in your bank? Check out your 401k.

Most of these allow you to borrow against it and the repayment goes back to you so in essence you are borrowing from yourself (your own money) and paying yourself back. By doing this you don’t have to pay taxes or incur any penalties. Even the interest is paid back into your retirement plan account.

Another myth is that you need to have perfect credit. It’s true that the better credit you have the better chance of getting approved and the better rate you might get. But having a “low” credit score does not necessarily put you out of home owner contention. There are programs that will allow for lower scores and still allow for an approval! Even if don’t end up with the most desirable rate, there is always the option of refinancing your loan once you get your score higher.

Once you conquered these fears, the next step is to gather all your documents. Here is a general list of what you need:

Two Years of tax returns

Three Paystubs

Two months of bank and asset statements

Now it’s time to set up a meeting with a lending professional to go over your documents and analyze your options. This is the most important part of the process so make sure you meet with someone knowledgeable and that you feel comfortable with to guide you. Your Loan Officer should go over all of your options and even develop a plan of action if you somehow are not qualified today but you know what you need to do in order to get qualified tomorrow. Best of all, these consultations are FREE!

Roland Shar
Regional Producing Manager
NMLS3029
M 808.222.2411
E roland.shar@ccm.com

CrossCountry Mortgage | 3555 Harding Avenue, #100
Honolulu, HI 96816 | NMLS3029 NMLS1379257
Equal Housing Opportunity. All loans are subject to
underwriting approval. Certain restrictions apply.

Call for details. CrossCountry Mortgage, LLC. NMLS3029
(www.nmlsconsumeraccess.org)

You can buy a home, it’s just a matter of when and how. Schedule that consultation today, who knows, you might be in a new home next month!

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