subject: Buying Your Dream House Through Freddie Mac Listings [print this page] If you have a good credit history and a stable income, you are already halfway to becoming a qualified borrower under the new Freddie Mac rules. If you meet their qualifications, then you can proceed to choosing your property from Freddie Mac listings. But even if you are still working on your qualifications, you can already search for properties that you can invest in through these listings.
What You Need To Prepare
Aside from the usual qualifications of a borrower, you should also be prepared in making some amount of down payment for the property you are interested that is usually around five percent of the purchase price. If you need help in covering your down payment, there are down payment assistance programs that qualified borrowers can turn to.
Also, it is important that even prior to shopping from Freddie Mac listings, you have already begun to prepare paperwork and documents that serve as proof of your income and credit. At some point, they will ask you to provide them a copy of your bank statements, savings account, credit card and a list of all your assets. These are all necessary to verify your credit worthiness.
To make sure that your effort in sifting through Freddie Mac listings does not go to waste, then you should also ask a third-party lender to either pre-qualify or pre-approve you to a loan. This will permit you to be qualified for a certain range of price range of foreclosed properties. The reason why a prequalification or preapproval is important is that it gives the impression that you have adequate financial resources to cover your purchase. A prequalification or preapproval signifies that you have met a third-party lenders requirements and qualifications as a borrower. Thus, the mortgage lender or bank can be more confident in having you as their borrower.
Of course, when you submit yourself to a prequalification or preapproval process, be prepared to have your credit, financial and employment information reviewed as the data from this will be used to determine your financial capacity. This will also help them asses the amount of mortgage that can be given to you.
