Get a Mortgage Pre-Approval
An important ingredient in a successful home search is knowing how much you can afford. You don’t want to fall in love with a property only to find out it’s outside your price range.
That’s why I recommend getting a Mortgage Pre-Approval. This is a document from your bank or other lender stating how much of a mortgage they are willing to give you. There are two advantages to getting this pre-approval:
- It gives you the peace-of-mind of knowing you can afford homes you view on the market, and won’t have problems arranging financing.
- It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer.
You can arrange for a Mortgage Pre-Approval with me, your bank or other lender. I’m well-connected in the local real estate scene, so if you want me to recommend a reputable broker or lender, please contact me.
How Much Home Can You Afford?
Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you. They look at your income, expenses, credit history and employment status, as well as the down payment you plan to make on a home. It may seem like a scary process, but it is actually straightforward. You can usually get a Mortgage Pre-Approval in a day. You’ll be glad that you did.
By knowing what you can afford, you can confidently shop within that price range. For example, if you qualify for a $500,000 mortgage, and you have another $50,000 available as a down payment, you can look for homes in the $550,000 range.
Have questions about arranging financing? Please submit the form below or call or email me.
Orange County 2020 High Cost Area Loan Limits
CONFORMING & FHA LOAN LIMIT
I Unit $822,375 2 Unit $1,053,000 3 Unit $1,272,750 4 Unit $1,581,750
VA & FHA LOAN LIMITS
STATED INCOME PROGRAMS:
REDUCED INCOME DOC / NO TAX RETURNS / NO P&L / NO RESERVE
BANK STATEMENT ONLY PROGRAM
VOE ONLY PROGRAM
LOANS UP TO 80% LTV
LOANS UP TO $3,000,000
Loan Amounts $150,000 – $548,250 – 1 Unit
Loan Amounts $548,251 – $822,375 – 1 Unit
CONFIRMING & HIGH BALANCE (VOE PROGRAM)
FHA (VOE PROGRAM)