Prior to buying a home, Fannie Mae urges consumers to learn about the loan process and understand what type of loans are available–fixed-rated mortgages, adjustable rate mortgages, FHA, and VA–as well as the costs involved with each. Information about points, appraisals, origination fees, and so on can found at the U.S. Department of Housing and Urban Development’s Web site. It is also important for consumers to get a credit report copy. If their credit score is below 620, steps need to be taken to improve it, such as by correcting errors on the credit report. A home mortgage in general should comprise no more than 28 percent to 33 percent of a person’s monthly gross income. In addition, all revolving debt, such as car payments, credit cards, and mortgage, should be no more than 36 percent to 40 percent of a consumer’s total monthly gross income. Consumers need to be aware of certain upfront costs, such as a down payment of between 5 percent and 20 percent of the home’s purchase price and a deposit, usually 2 percent of the purchase price, that must be paid when an offer is made. Fannie May also recommends that consumers get pre-approval for a loan to demonstrate they are serious and qualified buyers. | Read More

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