** If you plan to sell your current home and utilize the proceeds to purchase another home you will still need the liquid cash for the deposit and inspections, however, if the homes close concurrently you will not need additional liquid cash as long as the proceeds from your current home sale are sufficient to satisfy the down payment on the home you purchase.
When will you be required to have liquid cash during a transaction?
Deposit = (when you locate the property and make an offer)
Inspections = (once your in escrow which is usually 30-45 days)
Final settlement = (five days before the close of escrow)
How much will your monthly payments be?
With all of the various loan products on the market today, you need answers to exactly what will be showing up in your mailbox on the first of every month. We are happy to provide our loan expertise with you to find a loan program that meets your needs. The loan programs we recommend do not have pre-payment penalties. There are three items that will determine your eligibility for a loan; credit score, size of down payment, and supporting financial documents. Your credit score is by far the most important. The size of your down payment is also very important. The smaller the down payment, the more scrutiny a buyer will receive from an underwriter reviewing the file prior to funding a loan. A lender may ask for tax returns, bank statements, and several supporting documents. Please contact us directly to go over the various loan programs. Together, we will determine the best payment plan for your needs.