What Should Home Buyers Do Under Tight Credit?

This Kahala home (MLS# 1100002) is currently available for $2,675,000

From National Association Realtors weekly report:

February existing home sales decline following sustained gains. Mr. Lawarence Yun, NAR, chief economist, experts an uneven recovery. He said, “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers.”

This is Hawaii Loa Ridge (MLS# 1103625) is currently available for $1,638,000

Under current “tight credit” conditions, buyers should look into loan availability as soon as they decide they want to buy. Despite very affordable mortgage interest rates, credit remains a challenge. Buyers should check their personal credit and mortgage availability in their area.

This is Hawaii Loa Ridge home (MLS# 1015065) is currently available for $3,875,000.00

The following tips are for buyers, especially first time buyers, for preparing to buy home:

1. Paycheck—Buyer’s purchase price ranges are determined in part by their income.
2. Two months’ bank account statements—Buyer’s lenders require proof of regular income and proof that the down payment money is your own.
3. Two years of W-2 forms or tax returns—Banks want to see a stable, long-term income for the amount on which you pay taxes (attention: all business owners!)
4. Update everything—Things change and because the time period between the first loan application and closing can be many months—even years (special in short sale) on today’s market. During the time between contract and closing, it’s not at all unusual for underwriters to demand buyers apply updated mortgage statements, checks stabs, and so on. It’s quite common for them to call your office the day before closing to request a last minute verification of employment.
5. Gift letters—Buyers using gift money toward their own payment. The bank wants to be sure the gift came from a relative, and is their own money to give. They also want the relative to confirm in writing that it’s a gift, not a loan—a loan would need to be factored into your debt load.

Need more information of purchasing a home? Contact me, I’ll go through every detail of the purchasing process with you.

从来自美国经纪人协会一周的房产报告中，报道有关连续三个月美国房产销售增长一直到二月份房产销售下滑来看，主要的原因: 一是房贷紧缩，二是，买卖双方所讨论定下的价格，银行估价不予确认，因此，买卖不能成交。

所以在这种借贷状况下，如果决定买房，买方就应当尽快找到贷款，虽然银行的利率是相当的低，但是，个人信用是关键。买方一定要查验自己的信用度和找到本地的贷款银行。

以下是几项要点对买房者，特别是对第一次购房者有所帮助：

1.工资单：贷款方根据你的月收入来计算你的部分贷款额。

2.两个月的银行存款单：贷款方需要证明你通常的收入和你的首付是你自己的。

3.两年的W-2 或者税单：贷款方想看到你有非常稳定的，长期的收入。调查你在税单上的所有的收入来源（特别注意：对有公司的业主）。

4.所有提供的单据都要不断的更新：因为，现在房产买卖市场已不是以前的，从你申请贷款到交易结束是好几个月，有的甚至是一年（尤其是short sale)，所以对贷款方的决策人来说，在交易即将结束之前，他还会让你提供最新的上述文件，甚至会给你公司打电话，确认你是否被雇佣。

6.亲戚或父母赠送的款项：作为首付的赠送款项，贷款方需要赠送方确认这笔钱是赠送方自己的钱，给予购房者，而不是私人贷款。因为贷款也要计算到购房人的支付能力上的。

如有更多有关买方的事宜的问题，请予我联系，我一定帮助你们顺利完成每一个购房步骤。