Buying a House – Part 3

Financing a Home Purchase -3

The I stands for income. Income needs to be either self-employed income that you’ve been earning for at least a year and a half to two years and you’re showing a profit from that income or income that you’re going to be able to prove that you’re going to earn when you …..

Instructions
Quiz
Exercise 1
Exercise 2
Puzzles

come here for the next three years, a minimum of three years. And that’s because the bank wants to make sure that your income is going to be consistent and is going to continue. It can be W-2 wages. It can also be contract wages so long as again we can show that it continues for three years and will be consistent.

And then the A stands for assets. Now assets has to do with the cash you have available on hand to make the purchase. Now you may have cash that you brought with you. Perhaps in your country you weren’t comfortable putting that on deposit in a government owned institution. In this country, however, if you’re going to have a mortgage, the bank wants to know that it’s your money you’re putting into the mortgage, not somebody else’s. So money needs to be deposited. Money under a mattress can’t be used to purchase a mortgage. It must be on deposit somewhere whether it’s a bank, a credit union, or some small local institution. It can be a checking account, a savings account, a certificate of some kind that pays a little bit higher interest rate for a period of time. It can be mutual funds. It can be bonds. So there’s a wide variety of investments you can choose, but it must be something that can be documented.

And the assets also have to equal two things: the cost that you had to get the mortgage in the first place and the minimum down payment requirement that is required. On government loans it’s only three and a half percent. On a conventional loan it can be as high as fifteen or twenty percent.

So those are the three basics of getting a mortgage in this country, the CIA.

Contact Cornelius: http://www.sistarmortgage.com/

Read our Lawn Maintenance Article

Read our Preparing a House for Sale Article


Have some fun! Try these puzzles.

Puzzle #1 is usually easier than puzzle #2, but try all of them and decide for yourself!

All of the puzzles use words from the video. Feel free to print and copy the puzzles.

Buying a House – Part 3 Crossword Puzzle #1

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Buying a House – Part 3 Crossword Puzzle #2

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Buying a House – Part 3 Word Search Puzzle #1

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Buying a House – Part 3 Word Search Puzzle #2

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Buying a House – Part 3 Word Scramble Puzzle #1

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Buying a House – Part 3 Word Scramble Puzzle #2

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