Buying A Home

Financial Information

In most cases, you may need to secure some type of financing since most of us don’t have several thousand dollars just sitting in our checking accounts.  

To see if you qualify for a loan is as simple as filling out a credit application and a communication disclosure form. Before closing however, your lender may request the following items from you:
 
1. A copy of your driver's license or state photo ID,

2. A copy of your Social Security card,

3. Last years copy of your W-2 Tax Form,

4. Your last 2 current pay check stubs,

5. If you are self employed your last 2 years 1040 tax forms will be needed,

The type, length, and terms on you home loan will be determined by the following.

1. Your credit score, (most lenders look for a min. score of 640 and above. However, we do have other lenders for equity financing for scores below 600. If you are unsure of your credit rating a good way to find out is to stop in and let Coachlight Homes access it for you.)

2. The amount of your down payment, (usually between 5-20% is common.)

3. The age of the home you are looking to purchase. The newer the home in most cases the lower the interest rate.

4. Your ratio of indebtedness. Most lenders look at your gross income each month and divide it by three (3). Your home payment and lot rent shouldn’t exceed this amount. The other worry some folks have might be a large car payment or credit card payments. The general rule here is that all of your monthly payments including home, lot rent, car, and credit cards shouldn’t exceed 50% of your monthly gross wages before taxes are taken out.

Everything discussed here will get you well on your way to a smooth loan approval and have you ready to close the loan on your own home in no time.

To give you an idea of your monthly payments on any home on our website, we suggest you try our Financial Calculator.

Loan Calculator
 
Amount of Loan:
Annual Interest Rate (%):
Term of Loan:
Monthly Loan Payment:

*Remember to subtract the amount of your downpayment before entering the loan amount or the calculator will figure your monthly payment without your downpayment taken into consideration. Thanks.