Buy a House in Georgia FAQ's

1. How do I qualify?
   Qualifying consist of an evaluation of your income verses your debt taking into consideration the new house payment. Total debt ratio is a percentage of all minimum monthly payments to total gross monthly income. This ratio along with cash reserves and credit scores will determine if you qualify. To find out more call us at 770-982-7660.
2. How much are my monthly payments?
   Monthly payments are determined by three things; 1) Dollar amount of the loan, the interest rate, and the length of time you plan to repay the loan.
3. How many years will I have this mortgage?
   Mortgage loans come in a variety of terms for repayment 30, 20, 15, and 10 years.
4. What do I need to refinance my house?
   We will need basis information fill in on a Uniform Residential Loan Application. Usually after that we need W-2's for the last two years, copies of your bank statements for the last 60 days and 30 days worth of most recent pay stubs.
5. Do you have a 1st time home buyers program?
   We have first time program ranging from 100% to 95% programs for first time buyers.
6. What are front and back ratios?
   The front ratio is a calculation of a percentage of the total housing payment and the gross monthly income. The back ration is a calculation of a percentage of total monthly debt payments by the total gross monthly income.
7. What is the difference between pre-qualified and pre-approval?
   Pre-qualifying is answered in question 1. Pre-approved is where a full application is taken and signed by the buyer/owner and the file is under-written for final approval. In a pre-approval all that we need to close is signed contract and an appraisal and the closing is ready.
8. What options are there for buyers with no money down and no cash for closing costs?
   We have some very good 100% programs and usually we can get the seller to work out something to pay the closing cost.
9. What documents are required?
   We will need copies of the W2's for the last two years, copies of the banks statements for the last 60 days (all pages), and the most recent 30 days worth of pay stubs.