Introducing Bri, an amiable and highly knowledgeable loan officer with Honor Hone Loans. Bri exudes a warm and genuine enthusiasm for assisting individuals. Holding licenses in FL, GA, TN, and KY, she is well-prepared to provide her expertise. Bri seamlessly blends her penchant for swift responsiveness and effective communication with an air of professionalism, creating an engaging and quality interaction. Recently married, she spends her spare time with her husband and their fur babies. 🐕 🐕
If there is something that you’d like to know that is not answered below or would like to schedule an appointment click Contact Bri above.
You can never save too much. I always recommend saving as much as possible to put you in the best position. Depending on the program, it can require 0 – 5% depending on which programs you qualify for.
First step, call a local lender (me! 😃) to get pre-approved to review numbers, to ensure that you are comfortable with everything.
Your debt-to-income ratio is all your debts divided by your income. Lenders will use this to determine how much you qualify for. It is important to disclose all debts and income so that your lender can accurately calculate this for you.
VA for qualified veterans & active duty (0% down if you do not have any entitlement tied up in another property), THDA (assistance of $6,000 or 6%), KHC (up to $10,000 in assistance), FHA (3.5% down or possibly 0% if you qualify for it), Conventional (3% down or 5% down depending on what you qualify for).
The down payment is what the program requires as your contribution (must come from you or an acceptable source like down payment assistance or a gift of funds that can be tracked).
Absolutely! Your down payment can be gifted from a family member, and we will just have to track those funds. Contact your lender before moving any funds!
Job history is very important for obtaining a loan. This can show your loan officer stability for both your employment and income. Do not be discouraged if you do not have a full two years of employment as some programs will allow gaps for extenuating circumstances or sometimes schooling to play a part.
Buying your rate down (also known as paying discount points) will allow the buyer or the seller to pay a one-time fee at closing to get a lower rate for the life of your loan.
A 2/1 Buydown has an initial upfront cost that allows your rate to be 2% lower the first year, 1% lower the second year, and goes back to the original rate on the third year and beyond. This will cause your rate and monthly payment to change. Similarly, a 3/2/1 buydown does the same thing but with 3 years and a 3% difference in the first year, 2% difference in the second year, 1% in the third year, and it goes back to the original rate in the fourth year.
Like mortgage rates increasing, the cost of rent has increased as well. It is important not to focus only the rate but on the monthly payment. We can compare numbers for what you currently pay in rent vs. what your mortgage payment will be to ensure that you are comfortable with everything. When you purchase, you could build equity and make money when you sell or use it as a rental property for passive income. When your lease is up, you leave and do not get a penny of your rent back.
With some sellers offering to pay your closing costs we could look at using that to buy your rate down or use a 2/1 or a 3/2/1 buydown to see if that hits your goals. You may still be comfortable with the payment to be able to buy.
The better your credit score, the better your rate will be. With a higher credit score, it also opens the possibility for more programs to become available as each program has different credit score requirements. We do have an option to go down to a 550 credit score with a brokered source and a 580 credit score in house. You will still have options even if you do not think that you have the best credit so still reach out to start the conversation. You may be surprised at what you qualify for or we can help you build a plan to help you qualify in the future!
When working to improve your credit score, I always recommend that you keep all accounts current and paid on time, pay and remove any outstanding collections, and keep your credit cards paid down to a low balance. If you do not have a credit card, you could open one to start building long term, positive credit history as well.
We have a lock and shop option that allows you to lock in your rate while you are shopping for your home, or you can lock in your rate once you are under contract.
Homeownership gives you the power to make decisions based on what is best for you/your family. Even if this is not your forever home, you could buy it to build equity to sell it later and use those proceeds towards the sale of your new home. You could also keep the property to use it as a rental and take that passive income to build your savings, retirement accounts, stocks, etc.
There are a multitude of programs offered – when you are ready to apply, I will find the program that works best for you and hits your goals so that you are confident in the purchase you are making. I provide video updates to my buyers so that they know what is going on throughout the entire process. You do have the option to apply online, in person, or over the phone. We work with what works best for you!
I am the queen of questions! During your buyer’s consultation, I will ask your goals, comfortable monthly payment, and anything that you are looking for regarding the financial aspect of the purchase. I enjoy asking about your goals so that I can fully understand and help you with what works best for you/your family. Once you apply, I will be sure to review over all this information with you so that you know and understand what you are purchasing. There is also no such thing as a bad question. I will walk you through any questions that you may have throughout the process so that you can confidently sign and return any necessary documentation.
Well there you have it!! Great info for all of you looking to buy in the Clarksville, Ft. Campbell area and are just wanting to find a local, knowledgeable loan officer to guide, educate and get you moved with the least amount to stress. Feel free to share this page with family & friends as we know it is valuable information that everyone who owns a home (or is thinking about buying a home) should know! 🏡 💡