Most Realtors require buyers to obtain a pre-approval letter from a mortgage lender before going out to look at homes. This letter will show that you are a serious buyer and will save both you and your Realtor time and will make the home buying experience a more smooth one.
If you are not certain you can qualify for a mortgage, you may consider asking for an FHA loan. Always compare an FHA loan with other loan types. Your lender can help you with this.
Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.
Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.
An FHA loan has a lower downpayment, and that money can come from a family member, employer or charitable organization. Other loans don't allow this.
Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government.
To search for home listings in San Antonio go to www.shirleyparks.com or call me at 210-414-0966.
Shirley: Good information especially if you are a first time home owner.
And if your loan officer isn't verifying income and assets with your documentation.... They aren't doing you any favors.
Carl, applying for a mortgage can be a daunting experience especially for first time home buyers.
Tom, thanks for your comment. Yes, this can lead to lots of problems as we have recently seen.