Bud Jones - Prescott Realtor discusses what first time home buyers need to qualify for a loan

It's not uncommon for first-time home buyers to have questions about the mortgage approval process. If you're a first-time home buyer, Prescott Realtor Bud Jones, would like you to know about some of the most important factors mortgage lenders consider during the qualification process.

• Income
• Credit score
• Debt to Income ratio
• Down payment

Income
Your income will, of course, affect your ability to qualify for a mortgage loan. Income is not restricted to a paycheck but every source of income is considered. Examples of different sources of income income include spousal maintenance, child support, Social Security and disability income to name a few. Your mortgage lender will want to ensure that you have sufficient income, whatever the source, to meet your monthly mortgage obligation.

Credit Score
How you have borrowed in the past, the type of debt, the terms of debt repayment and the history of your repayment including any delinquencies or bankruptcies are all a part of the complex algorithms that are used to compile your credit score. While minimum requirements vary from one lending program to another, the FHA program is one of the more lenient requiring a minimum score of 580. Conventional loan programs usually have higher score requirements.

Debt-to-income Ratio (DTI)
You debt to income ratio is exactly how it sounds. It compares how much reccurring debt you have to how much income you have. Many lenders establish ratio maximums in the 40%-43% range. In terms of your total DTI ratio lower, of course, is better. As the ratio of how much you have to pay out every month compared to how much you bring in approaches 50% you can expect difficulty in qualifying for a home loan.

Minimum Down-Payment Requirements
Unless your lending program is a VA or USDA loan (both government-backed programs) you should be prepared to make some kind of down payment. Conventional lenders (banks) might require as little as a 3% - 5% while FHA mortgage lending programs allow for a 3.5% down payment. Down payments can come in the form of a gift but must legally be a gift, with no expectation of repayment.

Mortgage lenders will look at these factors and more as you move through the qualification process. Prescott Realtor Bud Jones can not only help you find your dream home, but will answer all of your questions to help you qualify for your first home. For more information visit us at http://www.budsellsprescotthomes.com or call us at 928-710-0643.

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Prescott Homes for Sale
First Time Home Buying in Prescott
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Bud Jones - Prescott Realtor - suggests questions you should ask to find the right real estate agent

Finding the right real estate agent can be confusing. Well-meaning neighbors, employers, employees, friends, and family members will try to set you up with the one they know. Bud Jones suggests some questions you should ask to find the real estate agent that is right for you when buying or selling a home in Prescott.

It is important to choose the most qualified person for the job, but also someone you think will make a good partner for every step you take. You need someone you’ll feel comfortable disagreeing with as well as someone you can trust. Here are some questions you should ask:

• Will I be working with you directly? Is your agent going to handle all aspects of the transaction or delegate some tasks to a sales associate or administrative assistant? A knowledgeable assistant can be helpful, but you want to make sure you can connect easily and regularly, directly with your agent.
• Do you have a website? A good real estate agent’s website is a place where you can use a variety of resources to learn about the community, find available properties, and learn more about the real estate process. It is where you can learn about the agent’s background. expertise and professional experience. An agent’s website can help you discern whether his or her services help you to realize your real estate goals.
• In which neighborhoods do you primarily work? You want someone who can spout off neighborhood stats like a true local. Your agent doesn’t just need to know the market valuations in Prescott, but in Prescott Valley, Chino Valley, Dewey, Mayer and Humboldt. They also need to know the valuations for each specific neighborhood in these areas, as well as information on any home owner associations in the community.

Bud Jones, Prescott Realtor, hopes that these simple questions can help you find the right real estate agent for your needs. After two decades of service as a Los Angeles County Deputy Sheriff, Bud began his 30-plus year real estate career, following in the footsteps of his mother whose vast experience and knowledge in the real estate industry played a monumental role in his training. Call Prescott Realtor Bud Jones at 928-710-0643 and experience the excellence in real estate services he provides. For more information, a free consultation, or to peruse the available properties in and around Prescott, visit http://www.budsellsprescotthomes.com.

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Real Estate in Prescott
Prescott Area Homes for Sale
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Bud Jones - Prescott Realtor talks about features Prescott home buyers want right now

Are you thinking of selling your Prescott home? With homes, as in fashion, trends not only come and go but they can set your home apart from the others and even get you more money. Prescott realtor, Bud Jones keeps up to date with the latest trends and home buyer preferences. Here are a few of home's most popular features.

Kitchen Countertops
Marble countertops are more porous and therefore prone to staining. However, quartz is more expensive. Although they are both beautiful, Quartz is a home sellers preference.

Flooring
Real estate agents report that buyers prefer hardwood floors because they last a long time and are easier to clean. Even for those who live in a colder climate and prefer the warmth and comfort of carpet, hardwood floors are the more popular choice.

Bathroom Tubs
Even though claw-foot tubs used to reflect elegance and luxury, the fact is that a beautifully designed soaking tub gives any bathroom a spa-like appeal and is the preference among buyers.

Windows
While both are certainly beautiful, especially for those with breathtaking views, there is not a large variance in opinion. Bay windows did, however, marginally edge out floor-to-ceiling windows as the preferred style.

Kitchen stoves
As most of you can probably guess, this was an easy choice. Cooks prefer gas. Even though gas stoves are more expensive to purchase, they are more affordable to operate. And they allow for more uniform, therefore predictable, cooking than that of their electric contenders.

Kitchen Cabinets
Few interior rooms have a greater impact on the sale or purchase of a home than the kitchen. And the trend now is brighter, lighter white cabinets rather than older dark cabinets. Buyers feel that lighter cabinets give the impression of more space.

If you're thinking of updating your Prescott home or preparing to sell it, Bud Jones can show you how to prepare your home to it's best advantage. Whether you're looking to sell your home or buy one, call Bud Jones today at 928-710-0643 or visit http://budsellsprescotthomes.com for more information.

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Prescott Homes for Sale
Buying a Home in Prescott
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Bud Jones - Prescott Realtor shares home selling tips that you should ignore

One of the hardest parts of selling your home is deciding how to begin. Who will be a potential buyer? How long will it take to sell? How much should I ask? Everyone from your brother-in-law to your co-worker will be offering you advice. Bud Jones, Prescott Realtor, shares these home selling tips that you should ignore:

“You'll find your buyer from an open house.” Open houses are great, kind of like a party at which you can present your spruced-up home to many people all at once. Open houses are important, but don't expect an open house to be the event at which someone will make an offer. The serious buyer will most likely request a private showing.

“You will save money by paying less in commission.”
Do you have a hard time handing over the commission that real estate agents typically request to sell your home? While it may seem like a lot of money, you might not understand just how much work an agent does behind the scenes. A good agent does not simply list your home on MLS and consider their job done. The commission to an agent pays for time and materials used for marketing, plus advertising. Posters, ads in real estate publications, flyers, broker open houses, and yard signs all come from your agent’s commission.

“Home-buying season starts in the spring and goes through the fall.”
In reality, January is a great listing month, because people are through the holidays and ready to start looking. The bottom line is, every market is different, and what is sound advice in one area can be terrible advice in another.
 
Bud Jones, Prescott Realtor, wants you to be informed about what advice on home selling can be safely ignored. After a decade of service as a Los Angeles County Deputy Sheriff, Bud began his 30-plus year real estate career, following in the footsteps of his mother whose vast experience and knowledge in the real estate industry played a monumental role in his training. Call Prescott Realtor Bud Jones at 928-710-0643 and experience the excellence in real estate services he provides. For more information, a free consultation, or to peruse the available properties in and around Prescott, visit http://www.budsellsprescotthomes.com.

ADDITIONAL INFORMATION
Real Estate in Prescott
Prescott Realtor
Helpful Real Estate Articles