Tips for Qualifying for a Lake Nacimiento Home Loan in 2011

If you are considering buying a home in the Oak Shores or Heritage Ranch communities on Lake Nacimiento, you’ll find that this year has brought about a few changes.  The Lake Nacimiento Real Estate market is still leaning somewhat towards buyers, although it is still continuing on its steady road to recovery.  The change that stands out the most in 2011 is that lenders are tightening the reins on qualifying for a home loan.

While there are more restrictions on getting a home loan; that’s not to discourage you!  Buying a home this spring just means you’ll have to do a little more work before you begin the home buying process!  As a Lake Nacimiento Real Estate agent, I want to be sure to provide you with all the information you need for a smooth home buying process.  I’ve compiled a few tips that will help you qualify for a Lake Nacimiento home loan and will be sure to have you searching for your dream home on Lake Nacimiento in no time!

– Know your borrowing limit– If you’re not sure how much you want to borrow, a good rule of thumb is to look at the Federal Housing Administration requirements.  FHA will limit mortgage payments at 31% of gross monthly income before taxes for most buyers.  This can help ensure that you’re not getting in too far over your head.  If we’ve learned anything over the past few years, it’s to play it safe in the housing market.

– Have the right credit score– Credit scores are moving to the forefront of being approved for a Lake Nacimiento home loan.  Most lenders are expecting a credit score of 600+ even for FHA loans.  A good credit score will not only help you qualify for a home loan, but can lower your interest rate, which can save you thousands of dollars in the long run.

– Shop around– The interest rate is important, but there are other costs to consider such as discount points and even the type of mortgage loan. When shopping for best rates, compare various combinations of discount points and loan types. Your Lake Nacimiento Real Estate agent can help you decide on the best option.

– Consider a No-Closing-Cost Loan– If you have positive equity, but are lower on cash up front, you do have an option to choose a no-closing cost loan.  This simply means that you’ll have a slightly higher rate, but the closing costs will be paid over time instead of up front.

As you can see these changes are minimal, but something of which you’ll want to be aware.  If you have questions about qualifying for a Lake Nacimeinto home loan; please let me know!  I’d be happy to answer your questions and help you each step of the way through the home buying process!  There are many great homes in Oak Shores or Heritage Ranch from which to choose, so you’ll be sure to find one that fits your needs and lifestyle.  Please feel free to contact me today to begin your Lake Nacimeinto home search!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

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