In most cases people will need to secure some type of financing since most of us don’t have 10-50 thousand dollars just sitting in our checking accounts.  

To qualify for a loan is a simple matter of filling out a credit application and sending it in to one of the several local and national lenders. In most cases a loan approval can be obtained within 2-4 business days. The following items will need to be sent in with your application.

 1.     New federal regulations require a copy of a photo ID and a copy of your Social Security Card.

2.     A signed Privacy Notice furnished by K.I.S.S. Listings.

3.     Your last years copy of your W-2 Tax Form

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

5.     Your last 2 current pay check stubs.

 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 600. If you are unsure of your credit rating a good source is to go on line to “freecreditreport.com” as seen on T.V.

2.     The amount of your down payment. 10% down payment is the norm. In other words a $20,000.00 home is going to require $2,000.00 down payment

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. All lenders look at your gross income before taxes are taken out of your check each month and divide it by 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.