Let's talk about getting pre-approved before you actually start searching for homes, especially if you're working with a real estate agent. You want to search knowing what your budget is, what you're approved up to, and it helps the real estate agent actually search for the properties in line with your budget. So if you have questions, you want to get pre-approved, I can also do a soft credit check so give me a call and, yeah, have a great weekend.
If you're applying for a mortgage on a condo, there's two parts of the underwriting process you should know about. One's going to be the individual review, so they'll look at your financial documents. Now there'll also be what's called a project review and they're going to take a look at the HOA's financial documents to make sure everything is good. So if you're planning on offering on a condo, I can actually submit these documents to a lender to get a pre-review done before you offer on it and let you know if everything's okay. So feel free to reach out to me and have a great week.
I'm going to go over three things I look at besides credit score when preapproving someone. So I'll take a look at their income, whether they're self-employed or W2 salary. I'm also going to look at their assets, so what they can put down on a property and cover their closing costs. And then number three is a credit review to look at their liabilities to make sure they're good to go. Once I look at everything, I give the preapproval and they can start looking to buy a home. So if you guys have questions, reach out to me. Have a good one.
If you're buying a multifamily property as your primary residence, you could put three and a half percent down FHA, or you could put 5% down conventional, depending on eligibility requirements. So if you want to learn more about that, feel free to reach out to me, and have a great week.