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FIRST TIME BUYERS GUIDES & TIPS

There are myriad of information a first-time buyer faces, whether purchasing a condo or a SFR.  These tips we are putting forward offer a glimpse of the fundamentals for all first-time buyers who are ready to make this milestone commitment. 

1.       Understand your credit score, aka FICO score, and what it means.  Clearly, buyers with higher scores tend to be eligible for lower rates and better terms.  However, we want to emphasize that a seemingly low score is not a hindrance toward obtaining your homeownership dream.  At NEXTGEN, we work closely with multiple lenders who understand that a credit score does not represent a buyer’s whole history, nor does it signal any red flag in the future.  Until we’ve exhausted all options for you, your score should not stop you from contacting us.

2.       Organize your documents such as tax returns, bank statements, W2s, 1099s, paystubs, in a clear and continuous manner as asked.  All lenders ask for these documents, so we appreciate your understanding and patience in this step.

3.       There is no right or wrong answer with how much you can afford to put down.  The ideal benchmark is 20% down payment for conventional loans, but there are programs available that can ease this burden with as little as 3.5% down payment if the full 20% is not ideal for your current situation.

OTHER FACTORS AFFECTING MORTGAGE RATES AND PAYMENTS

All lenders evaluate a buyer’s ability to make payments based on your DTI, or debt-to-income ratio.  Your DTI is how much you pay each month toward other debts such as credit card payments, student loans, auto loans, etc. in relation to your gross monthly income.  Different lenders have different evaluation criteria and we work with you to make sure you will get a favorable evaluation based on the information provided to us.

FINANCIAL ADVANTAGES OF OWNING YOUR HOUSE

Aside from achieving the American Dream, you can claim as deductions mortgage interests, property taxes, and private mortgage insurance (** subject to federal and state regulations as well as local tax rates.)

Value Appreciation & Stability.  Long-term speaking, real estate ownership tends to be more stable and has better yields than the stock market or other forms of investment.

FOREIGN BUYERS OR INVESTORS

Whether buying homes or investing in any type of real estate, including businesses, NEXTGEN stands readily available to answer all your questions and concerns, and will supply you with top-notch information not easily found elsewhere.  We have working partnerships with tax and legal professionals who can answer specific concerns in each area in greater details and accuracy should these issues arise.  Furthermore, the lenders with whom we work specialize in quick closing for foreign nationals; thus, making the process much less complicated, quicker, while also delivering superb outcomes.