6 Steps to Preparing For Home Ownership on Long Island

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What are some things a lender are going to take into consideration to see if you are mortgage eligible?

CREDIT SCORE - You want a score of at least 640. You can still get a mortgage at 580 but you don't want those terrible terms.

DEBT - What are you monthly minimum payments you owe?

INCOME - How much income do you make? It can and will include overtime that you've done over the past 2 years. This will coincide with your debt to income ratio and will make or break if you can qualify for a home.

EMPLOYMENT HISTORY - Lenders will want to see you've been working consistently for at least 2 years.

ASSETS - How much do you have in savings? Can you afford a down payment, escrow, closing costs, attorney fees, appraisal, and have reserves left. Lenders do not want to see you exhaust all your savings.

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About Janet Nation

With 17 years as a seasoned real estate salesperson, Janet Nation of Team Nation at Keller Williams Greater Nassau offers both an outstanding level of real estate knowledge and an exceptional level of professionalism.

A top producer and a recipient of an Executive Club Award for Outstanding Sales Performance, Janet specializes in residential real estate. As a Buyer's Agent, Janet has developed strong negotiation skills when talking to lenders and in turn has used that flair to help negotiate favorable terms for her clients. As an Listing Agent, Janet has the ability, to critique a home the same way a buyer would then prepare her sellers accordingly for a timely sale. People trust Janet with their single largest asset, it's a responsibility she takes very seriously. She focuses on relational transactions and enjoys building relationships and selling homes.

Janet Nation serves all of Long Island including: Baldwin, Bellmore, Bethpage, East Meadow, Elmont, Freeport, Garden City, Hempstead, Levittown, Lynbrook , Malverne, Massapequa, Massapequa Park, Merrick, Oceanside, Point Lookout, Rockville Centre, Roosevelt, Seaford, Uniondale, Valley Stream, Wantagh, and West Hempstead.