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What is a Homebuying Assessment?

If you’re thinking of purchasing a home in the next six months to a year, you may want to consider a homebuying assessment.

This is when someone has a loan officer evaluate their finances and help them become ready to buy a home. The loan officer will look at the potential homebuyer’s credit score, debt, income, and savings.

They will generally then come up with a plan together to help the potential buyer improve their chances of being approved for a mortgage.

“It kind of takes all of the pressure off of homebuying and it allows you to sit down and really formulate a plan for what your path to homeownership looks like,” said New American Funding Senior Vice President of Growth and Expansion Mosi Gatling.

Mosi Gatling NMLS# 557166