1. What is the best way to contact you about the Homebuying process?
BEFORE BOOKING A CONSULT, PLEASE READ ALL OTHER FAQS BELOW
The best way to contact me is by booking a 30 minute phone consult HOWEVER, I recommend taking a look at the remaining FAQs as they answer a lot of questions that many people have on phone consults. You can book a phone consult by clicking this link: https://kcprservices.setmore.com
2. What if I only have 1 or two questions to ask?
The best way to ensure your questions are answered remain being by booking a phone consult or by reading over the remaining FAQS, however you may also email email@example.com
***NOTE: Please allow up to 48 hours for response and emails are sometimes filtered into spam or blocked for security and I don’t actually see the email so the best way to ensure you get your questions answered are by booking a consult if you have not received a communication back within 48 hours.
3. I need help with my Credit to purchase a Home, can you help?
You can signup for a Credit Analysis using this link: www.kcprservices.com/credit
***Scroll down to “Get FICO SCORES & Credit Analysis/Action Plan, choose quarterly reports for $29.95, create an account, once signed in to the account, go to the account settings and click my subscriptions and CANCEL YOUR ACCOUNT SO THAT YOU WON’T BE CHARGED AGAIN, then email your login credentials (this is the email & password that you setup for the account) to CREDIT@KCPRSERVICES.COM and please allow up to 7 days to receive your analysis back via email. (YOUR ACCOUNT WILL STILL BE ACTIVE FOR 30 DAYS EVEN THOUGH YOU CANCELLED) THIS WILL BE A SOFT INQUIRY AND WILL NOT AFFECT YOUR SCORE!!!
4. I am ready to apply for a Home loan, what do I need to do?
THIS WILL BE A HARD INQUIRY AND MAY AFFECT YOUR SCORE!!!
The link to apply for a Home Loan is www.homestarfc.com/lakeshiajohnson
***Before applying for a preapproval, YOU MUST MAKE SURE YOU HAVE NO DISPUTE COMMENTS ON YOUR CREDIT REPORT. You must also have the following available at the time of application and upload the documents with your application:
1. ID or Drivers License
2. 30 Days of Paystubs
3. 2 months Bank Statements
4. 2020 and 2019 Tax Returns
5. 2020 and 2019 W2s and or 1099s
***PLEASE ALLOW UP TO 48 HOURS FOR PRE-APPROVAL AFTER SUBMISSION OF APPLICATION WITH ALL DOCUMENTATION ATTACHED. IF MISSING DOCUMENTS FROM ABOVE APPLICATION MAY TAKE LONGER TO PROCESS.
5. How do I remove disputes?
To remove disputes, call each Credit Bureau and tell them that you want to remove all dispute and dispute comments from your report. The number to call is Transunion: 800-916-8800 Equifax: 800-685-1111 and Experian: 714-830-7000 with them press option 2 for business and when they answer tell them you need to be transferred to somebody who can remove disputes. Make sure you inform each Bureau that you want disputes removed AND NOT THAT YOU WANT TO DISPUTE THESE ACCOUNTS. It may take up to 30 days for them to remove and you may have to call repeatedly to get it done, but you must have all disputes closed and all dispute remarks removed before you can be preapproved for a Home loan.
***Please note that removing disputes MAY LOWER YOUR SCORE BECAUSE THE ACCOUNTS IN DISPUTE ARE NOT BEING FACTORED INTO YOUR SCORE AND WHEN BEING FACTORED AGAIN MAY LOWER YOUR SCORE!!!
6. I don’t have any Credit and need a Credit Card to increase my scores but I keep getting denied.
You can visit www.kcprservices.com/credit and scroll down to Secured Card and get a Secured Card with no credit check, guaranteed approval and only a $200 deposit.
7. What Credit Score do you require for me to be approved?
580 is the minimum score required for FHA and VA loans (certain restrictions may apply). 620 is the minimum score required for Conventional loans and USDA requires 640.
8. What States are you licensed in?
I am licensed in South Carolina, Georgia and North Carolina.
9. Do you offer down payment assistance?
Not at this time.
10. Can I roll my Closing Costs into my loan?
We do NOT offer the availability to roll Closing Costs into your loan. The only alternative is to offer to purchase your Home above asking and add -in the cost of your Closing. ***PLEASE NOTE YOUR HOME MUST APPRAISE HIGH ENOUGH TO INCLUDE YOUR CLOSING OR THIS IS NOT AVAILABLE.
11. I want to know what steps I need to take to purchase a Home:
Step 1: KNOW YOUR FICO MORTGAGE SCORE (NOT CREDIT KARMA, NOT EXPERIAN, EQUIFAX, TRANSUNION, CREDIT WISE, CREDITCHECKTOTAL, PRIVACY GUARD, IDENTITY IQ ETC) You need to know all 3 of your Mortgage FICO Scores and need the middle score. That is done by two ways: You can either apply for a Mortgage and this will give your Mortgage Scores with a hard inquiry and for free (PLEASE SEE FAQ 4 FOR STEPS) or you can visit www.kcprservices.com/credit and get your scores and a Credit Analysis if needed (PLEASE SEE FAQ 3 FOR STEPS)
Step 2: If your score is above 620, put in an application for a Mortgage to see if you can get preapproved (SEE FAQ 4). If your score is below 620, you need to work on your Credit to bring it above 620 and should request a Credit Analysis (SEE FAQ 3) and once you have completed the steps and have above 620, then apply.
Step 3: After you have applied and received a Pre-Approval, contact a Real Estate Agent if you don’t already have one and start looking for Homes.
Step 4: Find a Home, Make an Offer, Get Offer Accepted, Go Under Contract, Start the Loan Process, Close!!!
12. How much money do I need to purchase a Home?
That can vary based on multiple factors but as a general rule of thumb: All loans have Closing Costs that are on average around 4% of the purchase price of your Home (the price you agree to pay for it on the contract).
For example, if you are buying a Home for $200,000 you can expect to pay on average $8,000 for the Closing Costs (in addition to any down payment required).
13. What are Closing Costs?
Closing Costs are the cost associated with purchasing a Home and consist of the following (AND ARE SUBJECT TO CHANGE BASED ON MANY DIFFERENT FACTORS):
1. The cost of your interest rate (interest rates change daily so this number can change until locked).
2. Closing Attorney Fees (You have to pay the Attorney for assisting with your Closing and you can choose any Attorney that you like).
3. Property Tax and Insurance must be paid at the Closing for 1 full year.
4. Other miscellaneous loan fees such as Credit Report, Application fees, Underwriting and Processing fees ETC
Each loan type also has it’s own requirements for a down payment and is in addition to the above Closing Costs:
USDA- NO MONEY DOWN (YOU ARE ONLY RESPONSIBLE FOR CLOSING COSTS)
VA- NO MONEY DOWN (YOU ARE ONLY RESPONSIBLE FOR CLOSING COSTS)
FHA- 3.5% DOWN PAYMENT PLUS CLOSING COSTS
CONVENTIONAL) 5% DOWN PAYMENT PLUS CLOSING COSTS
14. What are the different types of loans you offer and what is the best one for me?
VA loans- These loans are for Veterans. These loans require no down payment. You are only responsible for closing costs. You must be eligible for this loan. You can visit https://www.benefits.va.gov/homeloans/documents/docs/veteran_registration_coe.pdf to get your Certificate of Eligibility. You may also need a form DD-214. If you are not a Veteran or have never served in the military, you are NOT eligible for this type of loan. This loan is best used by those who are serving or have served in the military at some point previously and would like the option to not have a down payment. Standard DTI allowed up to 41%, but you may go higher in some cases with compensating factors. You need a minimum 580 middle mortgage score to qualify for this loan ***with my company.
USDA loans- These loans can be used by anyone. These loans require no down payment. You are only responsible for closing costs. There are income restrictions meaning your household must be below a certain income to qualify. You can find income guidelines by county and state using this link and looking next to the row for your household size and MOD-INC-GUAR. LOAN: https://www.rd.usda.gov/files/RD-GRHLimitMap.pdf
This loan also is only available in specific areas which are deemed “rural” areas. You can find the eligible areas using this link https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do (You must click SINGLE FAMILY HOUSING GUARANTEED. If the home you wish to purchase or area you wish to purchase in is NOT eligible on the site, YOU DO NOT QUALIFY FOR THIS LOAN! This loan is best used by someone who would like the option to not have a down payment and OK with living in certain restricted areas. Standard DTI allowed up to 41%, but you may go up to 44% in some cases with compensating factors. You need a minimum 640 middle mortgage score to qualify for this loan ***with my company.
FHA loans- These loans are for anyone and can be used anywhere. These loans require a 3.5% down payment plus you are also responsible for closing costs. This type of loan also has MIP (Mortgage Insurance Premium) which is included in your mortgage payment. This insurance is to protect against default of the loan and is in addition to homeowners insurance which you must have as well. These loans are regulated by the FHA and may have stricter guidelines regarding the condition of the home you purchase. This loan is best used if you do not qualify for a no money down loan, but want a low down payment. Standard DTI allowed up to 43% but you may go up to 57% in some cases with compensating factors. You need a minimum 580 middle mortgage score to qualify for this loan ***with my company and certain restrictions may apply with a score of 580-619. (620 and above recommended)
Conventional loans- These loans are for anyone and can be used anywhere. These loans require a 5% down payment plus you are also responsible for closing costs. This type of loan also has PMI (Private Mortgage Insurance) which is included in your mortgage payment. This insurance is to protect against default of the loan and is in addition to homeowners insurance which you must have as well. (You can avoid PMI by putting down 20% or once your Mortgage balance is below 80%. This loan is best used if you do not qualify for a no money down loan, but have some money saved and do not want strict guidelines on the type of home you purchase. Standard DTI allowed up to 45% but you may go up to 50% in some cases with compensating factors. You need a minimum 620 middle mortgage score to qualify for this loan ***with my company.
15. I have a bankruptcy or foreclosure. Can I still purchase a Home?
Each different loan has different requirements for waiting periods and it is important to note, the waiting period starts from the DISMISSAL/DISCHARGE OR COMPLETION DATE and NOT the date filed and you want to have no late payments after the dismissal date for best chance of approval.
Chapter 7 or 13 Bankruptcy: 3 years from discharge or dismissal date
Foreclosure: 3 years from completion date
Chapter 7: 2 years from discharge or dismissal date
Chapter 13: 12 months of satisfactory payments and Trustee or Bankruptcy Judge approves the new credit
Foreclosure: 2 years from completion date
Chapter 7 or 13: 2 years from discharge or dismissal date ***Chapter 13 may be allowed after 1 year of pay-out period, satisfactory payment history and permission from bankruptcy curt for transaction.
Foreclosure: 3 years from completion date
Chapter 7 or 11 Bankruptcy: 4 years from discharge or dismissal date
Chapter 13 Bankruptcy: 2 years from the discharge date, 4 years from the dismissal date
Foreclosure: 7 years from completion date***
***If foreclosure and bankruptcy on the same mortgage, the bankruptcy waiting period may be applied instead of foreclosure period as long as there have been no late payments since dis
LaKeshia is a licensed Loan Officer in SC & GA. If you are ready to buy a Home or need to know the steps to take, click the link below for questions and help getting you pre-approved.
If you need help with your Credit, click the link below.
We offer all-year around Tax Preparation for Personal Tax Returns ONLY (NO BUSINESS). Click the button below for pricing and availability.
WE ONLY OPERATE BY APPOINTMENT ONLY AND DO NOT ACCEPT WALK-INS!
2315 North Main Street Suite 211-D, Anderson, South Carolina 29621, United States (Located inside The Regency Building)
08:00 am – 06:00 pm