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Financing
Pre-Approval - Your first step when buying a home!
The first and one of the most important steps in buying a home is finding out just how much you can really afford. Whatever your reasons for buying, getting pre-approved by a lender will prevent disappointment down the road. Pre-approval is based on your employment, income, assets, liabilities, and available down payment to close on your home. Some Sellers will not accept offers from Buyers who have not been pre-approved.
Five Great Reasons to Be Pre-Qualified By a Lender:
- Know your payments in advance
- Save time on not searching for homes you cannot afford
- Select the best loan package without feeling pressure
- Satisfy the seller's concerns
- Peace of mind
Financing
A Mel Foster Co. real estate expert can and will show you various financing options for buyers that you may not be aware of and will discuss the likely impact of each alternative on the sale of your property. Depending on the price of the home and/or the amount of your down payment, there may be several options that fit your personal situation:
- VA (for military veterans only)
- FHA (Federal Housing Administration)
- Conventional
- Other Creative Financing including Owner Finance, First Time Home Buyer Programs, Loan Assumptions, and Lease Purchase.
Information your real estate professional or lender will ask (the information provided is confidential with your lender):
- How much of your savings will go towards your down payment and closing costs, if any?
- Your annual gross income (before taxes)?
- Length of time with current employer and previous employer for the past two years?
- Monthly long term debt payments (such as car payment) and credit card balances?
- Child care expense and/or alimony?
- Any credit issues or bankruptcy?
Davenport NOW
Property owners in Davenport, Iowa will have their own stimulus package for purchasing or improving a home or expanding or relocating a business. The Davenport NOW program is designed to enhance neighborhoods and grow the city through a tax-rebate program.Anyone who constructs a new, owner-occupied home or a new commercial structure, except rental properties, will be eligible for a 50 percent rebate of the city's portion of property taxes for ten years. Participants can choose from tax rebates each year or an upfront, lump sum rebate at the project's completion. Rebate good until June 2014.
Contact your Mel Foster Co. REALTOR® for more information or start looking at a neighborhood today!
Complete the Davenport NOW application