Archives for April 2007

Condominiums For Kids

Why is this girl so happy?
She just chose the colors for her kitchen and dining rooms in her new apartment. (As I mention in my new book, one of the advantages of owning versus renting is that you don’t have to ask the landlord to paint the walls pink.)
For many young people who want to purchase […]

5 April 2007 | Down Payment, First Time Homebuyers, Income, Credit (Score), Reserves/Assets, Programs | No Comments

Pre-Qualification: No Salami Sandwich

Imagine a salami sandwich without the salami.
A pre-qualification letter is like a salami sandwich without the salami. In general, for a borrower to get a pre-qualification (a “pre-qual”), the loan officer may ask some general questions, take a look at credit, and write a letter that states Mr. and Mrs. Buyer can afford a $1.2M […]

4 April 2007 | First Time Homebuyers, Pre-Approval | 2 Comments

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