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Today we are going to give you some important information if you’re thinking about buying a home in Tampa Bay. We are going to talk about the four numbers that determine your buying power. You need to pay special attention to each of these numbers, as they could be the difference between you getting the home of your dreams or missing out on it entirely.
1. Credit score
This is one of the first things lenders are going to look at to determine your ability to pay back your loan. You need to know your credit score and have it ready to present to the lender.
2. Down payment
The higher your down payment, the more overall buying power you have, and the more home you can afford.
3. Debt-to-income ratio
You can make a great income, but if it’s all going out the door in payments, it doesn’t mean much and certainly won’t help you get a mortgage. The lower debt you have, the better.
These are things you own and what you owe on them. If you have real estate assets already, lenders are a little more flexible because they know that you have these assets and can use them to pay off your debts if it comes down to it.
If you’re thinking about buying in Tampa Bay, each of these four numbers is crucial to getting the home you want. In the future, we’ll talk about the different loan products, and the down payments and credit scores required for each.
Make sure to check our real estate radio show this Sunday at 10 a.m. on 970 WFLA . Also, check out boltshomevideos.com to check out some of the videos we’ve shot with the Tampa Bay Lightning. We give away one signed hockey stick per month, and you can enter here for your chance to win.
If you have any other questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you!