Buying a House


Know your Credit Score
There are many credit reports, but mortgage companies usually pull a FICO 8. It is good to go into a home purchase already knowing your score. This will determine the interest rate on your loan and the type of financing for which you’ll qualify.

Two to Three Years of Past Income Tax
Most loan guarantors will need previous years’ tax returns. Get these ready, as well as any notes that you may need to include that show any fluctuations or issues.

Bank Statements
Having a down payment available (if needed) is quite important. The mortgage bank needs to know that you have these funds on hand from the money you’ve saved – not as a loan.

Debt-to-Income Ratio
Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one of the ways lenders measure your ability to manage the payments you make every month to repay the money you have borrowed. It should stay at 43 percent.

To calculate your debt-to-income ratio, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out. For example, if you pay $1500 a month for your mortgage, another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2000. ($1500 + $100 + $400 = $2,000.) If your gross monthly income is $6000, then your debt-to-income ratio is 33 percent. ($2000 is 33 percent of $6000.)

Location, Location, Location
New buyers are often excited about the house and forget about the location. Make a note reflecting your lifestyle, and how it could change. Do you like to be near new restaurants or art studios? Do you need to be near your work? Are you looking to start a family? Look at the school districts, crime rates, transportation and noise levels to make sure that you will be happy in your new home for many years to come.

Alternative Programs
At UHR we strive to find the perfect fit for financing your new home! We work with many lenders that offer traditional financing, as well as some unique alternative programs.  Please feel free to click on the programs below to get firsthand information from our different lenders. Our dedicated real estate agents would also gladly help explain each of the programs.

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Doctor/Attorney Financing – sr
  • First Responders
  • 2nd Chance Financing
  • Down Payment Assistance Programs
  • Lease to Own