HOME BUYERS PROGRAM

Your credit rating is the most important aspect of obtaining a home Mortgage Loan. Having poor credit only eliminate one from becoming a homeowner temporarily. One's credit score need to be at least 650. However, Yancey Outreach Home Loans will educate and assist you on repairing your credit, along with how to increase your credit score all at no charge. "The only person stopping you from owning a home is you". Repairing and raising your credit score does not happen overnight, it can take from two, four, six months to two years. One just has to be committed to the process, and you will become a homeowner. Our Broker s' success rate is extremely high.

Employment or your income is just as important to the banks as your credit rating. Without income, you will not be able to pay the home mortgage. It is important to have a minimum of 12 months provable employment. Begin collecting and storing paystubs in a file (Electronic or physical). For any gaps in employment be prepared to share the reason, with a Yancey Outreach representative who will assist you. All legal income can be considered, self-employed, Child Support, etc.

How you pay your bills is very important, that is how your credit rating is calculated, if you borrow pay it, and pay it on time. Paying any bill after a 30-day due date will result in that creditor reporting your late payment to one or all of the three credit bureaus, Trans Union, Equifax, and Experian. Any loan you have, rather it is from a Jewelry store, auto loan, any organization that needed your social security number to issue you anything on a credit basis, reports to the credit bureaus. However, they also report positive information to the bureaus monthly as you pay on time, which improves your credit score rating.

Your Yancey Outreach Loan originator receives from the bank the loan program best for you according to your credit rating. The better your credit rating the better programs are available. However, in most cases a buyer will need to put down a minimum of 10%. To make it easy to understand: for every $100,000 you will need $10,000. Example $400,000 home you will need $40,000 down payment. There are down payment assistant programs and/or organization Yancey Outreach Loan originator are familiar with all the programs and has relationship with banks that will provide information on any other program available that has no down payment programs or that has assistance to help with down payments. 

Closing cost are usually 3% of the loan amount include Taxes, Insurance Loan cost to the bank, and any other fees that maybe owed (Diverted to closing). Credit report, home inspection, appraisals if billed go to escrow beforehand. Example: $400,000 x 3% = $12,000 Closing cost. In most cases Yancey Outreach Loan agent & Yancey Outreach Real Estate agent has been able to get those fee's cut down, both down payment and/or closing cost.

If you are ready to become a homeowner and would like to register and meet with a Yancey Outreach representative give us a call and we will assign you a representative to go over your documents and educate you on what is needed and next steps, you pay no fee.

As a home buyer, you will use the services or a professional real estate brokerage (Yancey Outreach Real Estate). Your agent will show you homes in the community according to your loan amount qualification, and the criteria's you are looking for in a home. You do not pay the real estate agent a fee. The home seller hires a real estate agent to sell their home. The home seller pays 6% to the selling agent. The home buyer (you) also has an agent (Buyer's Agent). However, the seller's real estate agent splits his 6% with the buyer's agent. The home buyer also needs a Loan Originator (Yancey Outreach Loan originator) that collects all your documents for obtaining the loan, negotiates with the bank for the best program for your home loan. You do not pay the loan originator. The bank pays the loan originator for bringing the client, collecting all pay stubs, banking information and completing all the documents with the bank on behalf of the home buyers. All fees are issued to Real estate agent and Loan Originator after the home purchase has been completed.