Arizona Home Buyers: To Do, or NOT To Do?
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I have a new job offer, should I change jobs?
Changing jobs as an upward movement in the same line of work is okay. Changing jobs into a different line of work can be an issue, and changing jobs for less money is a red flag, depending on the circumstances. Regardless of the reason, pay stubs covering the last 30 days will be required for loan approval.
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We just sold our classic car for a pretty high price. Is it okay to deposit that money?
Moving money around is okay as long as you can paper-trail the money. If you move it from one account to another it’s pretty easy to show the money coming in and out of the accounts. Making large deposits that can’t be paper-trailed is a bigger issue – for example, selling items from around the house (like a garage sale) and then depositing those funds into the bank. These funds are nearly impossible to prove their source (especially if it’s a large deposit) and therefore would not be included in available funds for closing. Literally, the money is excluded from your qualifying assets. Any deposits outside of payroll deposits (usually over a few hundred dollars) need to be sourced from an acceptable source (i.e. - no selling drugs to qualify!)
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How much money should I save?
Generally, savings of 3.5% of the purchase price is enough to qualify for an FHA loan for Phoenix Arizona Homes. However, saving more money to put down is always a great idea. A larger down payment will allow for a better financing, and the extra money could help with purchase of new appliances and potential repairs at your new home.
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Should I make big purchases before closing escrow?
No, no, no -- not without speaking to your loan officer first. Large purchases made on credit for a new car, appliances, or even furniture for your new home may push your debt level too high and prohibit the financing of your new home.
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I was planning on taking a trip out of town – is that a good idea?
Probably not, if you can avoid it. But if your trip has already been planned for months in advance, our Phoenix AZ Realtors can help work out the logistics. With faxes and email available throughout the world, most escrows can continue while you are away on business – or enjoying fun in the sun.
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I have a bankruptcy, foreclosure or short sale on my credit, can I still buy?
Most times when a borrower had a past issue on their credit, a good loan officer will be able to give good advice about corrective steps to take. Most borrowers’ past mistakes may be repaired through the passage of time and by establishing new credit. Situations vary, so speak to a good loan officer about your situation.
As you prepare to begin the process of buying a home, it will help you greatly to make sure that actions you take aren’t detrimental to your financing and buying process. Give us a call today at 480.776.5214 – we will not only help you search through the prospects in the Phoenix MLS, but we’ll also help you strategize and avoid potential pitfalls to financing.
