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Frequently Asked Questions

Below are answers to frequently asked questions (FAQ) from home buyers we have helped in the Charlotte area.

How long will it take for me to find out if I am qualified?

We work with top lenders in town. Usually we will have an answer for you within 24 hours (from the time your application has been submitted).

What credit score do I need to have to pre-qualify?

We currently are working with lenders that will do a 620 score FHA loan. Pre-qualifying for a loan also depends on your debt to income ratio (how much gross income you have per month as a ratio of your current monthly revolving debt obligations).

What type of documents will a lender require in order to prepare my loan package?

Usually a lender requires for you to provide W2s for the past two years, tax returns for the past two years, one-month of pay stubs, three months of bank statements, a copy of your ID and social security card or tax payer ID number.

Can I qualify if I am self-employed?

Yes – If you are self-employed or 1099, you can qualify. However you will need to provide 2 years of tax returns with profit and loss statements to verify your income.

I just started a new job – can I qualify?

Usually, if you have been on the job for one month, you should be able to pre-qualify for a loan (if your credit score is 620 or more and your debt to income ratio is acceptable).

If I don’t have a social security number, can I still qualify?

Yes. Some lenders still offer loans to home buyers who only have a tax payer ID number (W7). However, your down payment requirement will be 5%. Call us for additional information.

What kind of loan will I be getting?

All the programs we offer are based on 30 years, fixed rate loan. Most of those programs work in conjunction with FHA loans or conventional loans.

How long will it take to close on my new home?

Usually once you have decided to put an offer on a property, it will take between 30 to 45 days to close on your new home. However, it can sometimes take less time.

How much money should I expect to pay upfront to purchase a home?

Home buyers who do no use a down payment assistance program may pay from 3.5% to 20% of the purchase price of a home for their down payment. In addition, there are also closing costs that need to be paid – from 3.5% to 5.5% of the purchase price of a home. Sometimes those closing can be negotiated and paid by sellers or they could be a program to help cover some of those costs.  Those cost are payable at closing. There are also upfront costs – Earnest Money Deposit and Due Diligence Fee. Call our offices for more details on buyer costs associated with the purchase of a home.

 

Are there income limits for government sponsored programs that provide down payment assistance for home buyers?

Yes. Contact us or check out the requirements to determine if you are eligible for those programs based on your yearly gross household income and family size. If you are not eligible, there are still ways to minimize your down payment requirements. We have two programs – one program offers 3.5% down with a fixed rate 30-year loan, the other program offers only $100 down, but is limited to only some properties in the Charlotte area (also based on a fixed rate 30-year loan)

What is the cost of your services?

Since we are Buyers’ Agents, you won’t have to pay us anything when you use our services. Sellers are the ones paying our brokerage fees, not you.

How available will you be to help me during the home buying process?

Our goal is to help you succeed on your path to home ownership. We will be with you from beginning to end and walk you through the process step by step.We are available Monday through Friday, from 9am to 6pm and weekends by appointment only.

 

 

LET'S CONNECT

Would you like to find out if you qualify for the purchase of a home? A down payment assistance? Are you interested in having Cornerstone Realty help you to sell your home? Call us today or fill out the form below and we will contact you as soon as possible.

Contact Form

Mortgage Center

We have included below a few tools to help you determine your mortgage payments, closing costs and an estimator of how much you could afford based on your income. To get pre-approved for the purchase of a home, give us a call today or fill out an online inquiry from our website and we will contact you with 24 hours of your submission.

About Us

This Charlotte real estate website provides search tools, information and market news for home buyers and sellers. All the properties displayed on this website are generated automatically from the Carolina MLS and are updated daily.

The down payment assistance programs discussed in this website are based on a 30-year fixed loan. Interest rate is the current market rate.

If you have questions, please contact us today. Your inquiry will be answered by a Realtor® licensed to practice real estate.

Contact Information

Office: (704) 837-4672
Email: info@nc-homeownership.com
Address: 317 Matthews Mint Hill Road, Suite 201 Matthews, NC 28105

Mon-Fri: 9am to 6pm EST
Sat & Sun: By appointment only

Charlotte Real Estate website – We provide Real Estate services to home buyers and home sellers in Mecklenburg, Union, Gaston, Cabarrus and Stanly Counties.

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