See what you can prequalify for today!
Let’s talk! Contact S&S Mortgage Team today to find out how which of our loan options would work best for your situation. Prequalify for a Synergy One loan to start your home search today!
See what you can prequalify for today!
Let’s talk! Contact S&S Mortgage Team today to find out how which of our loan options would work best for your situation. Prequalify for a Synergy One loan to start your home search today!
- I need 20% as a down payment—You can put as little as 3% down, and with some government programs you may not need to put anything down! There are numerous first-time homebuying programs available to assist with the amount you do have to put down. With some programs, you can even get money back at closing!
- Rent is cheaper than a mortgage—This is not necessarily true. When you are paying a mortgage, a portion of each payment builds up the equity in the home, so you are investing in yourself and your future. Let us know the amount of your current rent payment, and we can tell you what your purchase price would be in order to match or even lower that monthly amount!
- I must have a high credit score to qualify—You do not have to have perfect credit to qualify for a home mortgage. In fact, you can have a credit score as low as 620!
- Applying for a mortgage hurts my credit—When applying for a home loan, a credit pull called a “hard inquiry” is required, but, usually, it will not hurt your credit score. One to two hard inquiries per year may temporarily decrease your credit score a few points, but it bounces back within just a couple of months. When applying for a mortgage, you may want to shop a few lenders, but be aware of how many hard inquiries are being pulled. We also recommend not opening any new lines of credit during that time, as this also requires a hard inquiry.
- Having debt and/or student loans is a deal breaker—Not necessarily. When applying for a mortgage loan, lenders look at your debt-to-income ratio (DTI), which is the quotient of your monthly payments divided by your monthly income. Examples of monthly payments would include revolving credit, car payments, student loans, and medical bills. Monthly payments not included in DTI are utilities, phone bill, internet service, and car insurance. Even if you have high student loan payments, we can factor in these payments to help you qualify.
- I can’t qualify just off tip income—As long as all tips are accurately reported on your tax returns, you can absolutely qualify using any legal income. With proof of income documented coupled with a verification of employment, you can qualify solely off tip income!
- The market is too crazy right now —Although the market is tight and inventory may be low in certain areas, timing the real estate market is hard. Most buyers who wait end up buying in later at a higher price. So now is the time to begin one of the safest and most profitable investments of your life! Partnering with a qualified agent who has valuable connections and knows how to negotiate on your behalf, though, is crucial. We can provide excellent agent referrals based on your needs, whether you are a first-time homebuyer or someone looking for an investment property. We connect with many agents that have helped buyers find their perfect home!
See what you can prequalify for today!
Let’s talk! Contact S&S Mortgage Team today to find out how which of our loan options would work best for your situation. Prequalify for a Synergy One loan to start your home search today!
Want to get ahead of the game?
Buying a home is stressful. Not knowing how the process works can make that stress so much worse. At S&S Mortgage Team, we try to make the process as simple as possible. One way we’ve done that is by offering a free Homebuyer’s Guide to get you started! Inside, you’ll find useful (and brief) information about owning versus renting, the different types of loans available, the difference between “prequalifying” and “preapproval,” and much more. Here’s an example of the easy-to-follow but valuable info you’ll find inside.
Factors that Lenders Consider
On-time payments, credit history length, and total available credit all contribute.
Bankruptcies, foreclosures, and income variations can effect the type and amount of available loans.
The ratio of your monthly income and your monthly debt obligations.
The size of the down payment can influence the type or loan or interest rate available to you.
As always, if you have any questions whatsoever — even if you aren’t even ready to buy yet — please reach out to us! And, in the meantime, fill out the form to get your FREE Homebuyers Guide today!
Get Your S&S Mortgage Team Homebuyers Guide
What is an HOA lien–and why do I care?
- HOA Liens. A lien is a legal claim or hold on a piece of property. … In essence, a HOA will go to court over a homeowner member’s delinquent dues and attempt to convince the court to issue a judgment. HOAs can record judgments that they obtain against homeowner members against those members.
- Under section 38-33.3-316 of the Colorado Common Interest Ownership Act (“CCIOA”), HOAs have the authority to place a lien on a unit owner’s property if that owner’s account with the association becomes delinquent for failure to pay assessments.
- When properties are listed for sale, sometimes the listing agent is unaware of a lien placed on the property. If there is an lien on the property, that unit can’t be bought or sold. It’s important both the listing and selling agent do the due diligence on the property before listing or having their buyer go under contract.
How is an HOA lien removed?
To remove a lien on a property, homeowners must first satisfy the debt owed to the homeowner’s association. To pay off an HOA lien, the homeowner must make payment to the association in the amount of the delinquent assessments, plus interest and any applicable fees.
*You can reach out to Shay or Sarah, and we can look into this property for you to make sure you are in the clear of HOA Liens.
Getting FHA approvals on condos
- It is extremely important to know if a condo is truly FHA approved
- MLS will say a condo is FHA approved when sometimes they are not
- You’ll hear, “Well another unit just sold FHA in the complex.” It can be different per unit, and this can change monthly.
- Spot approvals are almost non-existent anymore especially with COVID
- Again, before listing a condo, or having your buyers get under contract on an FHA approved condo, do your due diligence to make sure it’s actively FHA approved
This happens more often than many realize.
How can I make sure a condo is truly FHA approved?
- First you can always call myself or Sarah to check for you, it’s quick and easy to do
- How can you stand out and help your clients with this matter?
- If you see that the complex was previously FHA approved and the approval has expired, call HUD right away at 303-672-5540. Give HUD the address of the unit, and they will let you know exactly what is needed for the unit to get their approval back.
- Once you have this information from HUD, call that unit’s HOA and give them all the information HUD gave you and exactly what HUD needs to get that complex approved again.
- Stay on the HOA to get all documents sent back over to HUD. If the HOA is quick on this matter, the process on getting that unit approved again can take less than 2 weeks!
Improving your credit can be a lot easier than you may think! There are six factors in determining credit health, starting with high impact factors, and ending with low impact factors.
High Impact Factors
- Payment History – Payment history is simply making your payments on time. Doing this is the most important factor of your credit health. One late payment can lower your score immensely. I suggest setting up all of your accounts on autopay. If for some reason your creditor does not have autopay, set a reminder in your calendar or on your phone.
- Credit Card Utilization – Credit card utilization reflects how much of your credit limit you are using. This has a huge impact on your credit scores. If you are maxing your credit cards out monthly, that will lower your scores very quickly. The good news is that when you pay that debt off, or down, your credit scores will rise just as quickly. It’s great if you can keep your credit utilization under 29%, and even better if you can keep it under 9%. Anything over 50% will lower your score, and anything over 75% will significantly impact your credit score.
- Derogatory Marks – Derogatory marks can include collections or public records. Anything over four derogatory marks can significantly lower your score. Receiving one to three (1-3) of these marks, will result in the lowering of your score. So try to pay all bills on time, and not let them be sent to collections.
Not all factors are considered equally by credit rating agencies.
Medium Impact Factors
- Age of Credit History – Lenders typically like to see that you have experience using credit responsibly. The credit bureaus take all of your open lines of credit, and compile an average of length of time that they have been open. If your average is seven years or more, that is helpful in improving your score, whereas anything less than two years, can be detrimental. If you pay off a credit card, do not close that card. Keep it open, and at a zero balance. This will help the age of your credit overtime.
Low Impact Factors
- Total Accounts – The credit bureaus actually like to see a lot of open lines of credit on your report. These can be home loans, auto loans, credit cards etc. If you have 11 or more open accounts, that demonstrates good credit health, but again, this will have a low impact on your overall score.
- Hard Inquiries – A hard inquiry is when your credit is pulled, usually stays on your credit report for about two years, and their effects fade over time. Credit pulls have a low impact on your credit health, but it’s best to stay under four credit pulls every two years.