I've had some credit issues, and I don't have much for a down-payment. Can I become a homebuyer?
You may be a good candidate for one of the federal mortgage programs that are available. A good place for you to start is by contacting our home financing counselors at Legacy Mutual Mortgage http://armadillohomes.com/finance/financing. They can help you sort through your options. In addition, they can also help you contact your local government to see if there are any local homeownership programs that might work for you. Or you can look in the blue pages of your phone directory for your local office of housing and community development or, if you can't find it, let us know and we'll do our best to help.
In addition to the mortgage payment, what other costs do I need to consider?
Naturally, you'll have your monthly utilities. If your utilities have been covered in your rent, this may be new for you. However, because every Armadillo Home is energy efficient, you’ll be pleasantly surprised to discover just how inexpensive your utilities are. In fact, we can give you information on how much utilities normally cost. You'll definitely have property taxes, and you also may have city or county taxes. Taxes are normally rolled into your mortgage payment.
Most loans have 4 parts:
>Principal: the repayment of the amount you actually borrowed;
>Interest: payment to the lender for the money you've borrowed;
>Homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by all lenders;
>Property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year.
What do I need to take with me when I apply for a mortgage?
Good question! If you have everything with you when you visit your lender, you'll save a good deal of time. You should have: 1) two forms of identification (i.e., social security cards, driver’s licenses) for both you and your spouse, if both of you are applying for the loan; 2) copies of your checking and savings account statements for the past three months; 3) evidence of any other assets like bonds or stocks; 4) current month’s worth of pay stubs; 5) a list of all credit card accounts and the approximate monthly amounts owed on each; 6) a list of account numbers and balances due on outstanding loans, such as car loans; 7) copies of your last 2 years' income tax statements; and 8) W2s.