subject: Home Buying Obstacles You Should Overcome [print this page] The process of home ownership and real estate investment is not easy. Even though you think you are fully prepared for this undertaking, there will still be problems and hurdles that might occur during the process. To be able to overcome all these, you need to be educated and assisted properly by the experts of the industry so it will be easier for you to be a happy home owner. Being focused and determined in spite all the problems you are facing during the process will make a big difference in conquering these obstacles. Having a real estate agent is really helpful because they can assist you well during the while process but it does not mean that the journey will be hassle-free along the way. The agents can lessen your worries but be sure to always prepare yourself with unwanted surprises that might just pop-up when you begin the home buying process. If you have plans of investing in a Corpus Christi Real estate property, expect that the process of searching for Corpus Christi Homes for Sale, either from online Corpus Christi MLS or from personalized listings of real estate agents can give you some problems to overcome. Below are some obstacles that you need not to be overwhelmed with, but instead be focused on surpassing:
1.Having enough funds for the down payment
The down payment, at least, or the entire price may not be a problem for those ludicrously rich people and lucky lotto winners but for a middle-earner potential investor, this is a huge dilemma. It may be hard for them to find enough funds to use for the down payment but applying for a mortgage with a good deal is really a big assistance in financing the home. However, down payment is still a concern with most of the loans offered today. Right now, only the VA loans are the ones giving a zero-down payment to loan applicants. For those getting an FHA loan or a conventional loan, you have to be prepared for the down payment that can be from 3.5 to 20 percent of the value of the house.
2.Passing a minimum FICO score
Before you can get an approval for a mortgage, your FICO score needs to be at least 620 if you are applying for an FHA loan and 720 for a conventional loan application. You need to be sure that you are getting scores ranging from at least 620 to 720 so it is easier for you to be eligible in this loan programs. Try requesting from your lender to run your credit report so you can check out your credit score.
3.Satisfying loan requirements
Underwriting is a terrifying process because during this stage, your loan can be declines for various reasons possible. The underwriter demands and reviews the files and documents required for the loan you are applying for. Some papers you need to pass are the appraisal report, financial records and documentation.
