In Jim's manual, you will find a form entitled "Analysis For Better Service." Review this with Jim Hermes. These are the types of questions which are part of the personal counseling and the answers will help Jim find you the type of home that meets your needs.

Jim will also discuss your financial situation with you in order to determine the price range that will be suitable. It is important for your agent to know:

1) How much of your savings you intend to use toward down payment and closing costs.

2) Your annual gross income (before taxes).

3) The length of time with your current employer and previous employers, for the past 2 years.

4) Your monthly payments on long term debts (such as a car payment) and also the total of credit card balances, if any.

5) Child care expenses and/or alimony, if any.

6) Whether or not there have been any bankruptcy or credit problems.

The information which you provide will be held in strict confidence.

PRE-QUALIFYING AND LENDER REQUIREMENTS

Jim is familiar with the lender’s requirements and, using the above information, will be able to determine your price range and your ability to qualify for a loan. In this counseling session, Jim will tell you approximately how much you can anticipate in closing costs and prepaid items at the time of closing. Jim will suggest that you actually meet with a lender before house-hunting if there is any question regarding your qualifications or simply to get a head start on financing.

FINANCING OPTIONS

Depending upon the price of the home and/or the amount of your down payment, there may be several options that fit your needs. They include VA (for military veterans only) which allows 100% financing of the purchase, FHA (Federal Housing Administration) which allows purchase with as little as 3% down and CONVENTIONAL, generally the best option when putting down 20%. In addition to these traditional methods, Owner Financing, First Time Home Buyer Programs, Loan Assumptions, Lease Purchase and others may be available.

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