Buyer Resources
EXIT's Tools for Buying a Home
Whether you're a first time home buyer, or searching for your dream home, EXIT Realty Associates have the tools for you! We just made home shopping a whole lot easier! 
Home Loan Calculator
Estimate your monthly payment with our simple Home Loan Calculator.
Area Home Inspectors
Click for a listing of area home inspectors and a home inspection virtual demo that expains what the inspector should be looking for when inspecting your home.
Karen's Tips and Newsletters
Helpful information from Karen LeRosen about home buying/selling. Updated monthly, so check back often!
Moving Notice
Let your friends know that you are moving in style with these moving notice e-cards.
Area Swimming Pool Inspectors
Listing of area pool companies who can visit your potential home's swimming pool to determine any issues with the pool.
ARKANSAS HOME BUYERS COMMON QUESTIONS
How Much Can I afford?
A general rule of thumb is that housing expenses (including mortgage payments, insurance, taxes, etc.) shouldn't exceed 28% of the home buyer's gross income. However, many factors can affect how much you can borrow.
EXIT Realty Associates can confidenitall match your needs to a lender that is right for you! We will help you identify the factors that you may need to address in order to gain a letter of Pre-Approval Commitment Letter from your lender. This letter will show sellers that you are a qualified buyer. In many cases, having a Pre-Approval Commitment Letter will put you in a better bargaining position because you can shop for a home with confidence, knowing that your home financing will be there when you need it.
What is a Home Inspection? Isn't that the same as an appraisal?
A home inspection is not the same as an appraisal. It's a professional evaluation of the structural and mechanical condition (not the market value) of the property. If possible, you should plan to accompany the inspector during the inspection. See our Home Inspectors page for more information including a VIRTUAL HOME INSPECTION video. Every inspection should include an evaluation of at minimum the following:
- Foundations
- Doors and windows
- Roof
- Plumbing and electrical systems
- Heating and air conditioning systems
- Ceilings, walls, and floors
- Insulation
- Ventilation
- Septic tanks, wells, or sewer lines
- Common areas (in the case of a condominium or cooperative)
Common contingencies include:
- Obtaining clear title to the property
- Selling an existing home within a specified period of time
- Requiring that the seller pay a portion of the buyer's closing costs
- Obtaining a satisfactory well and septic test
- Requiring the sellers to make certain repairs prior to closing
- Appraised value of no less than the offered price
When you submit your offer, you will most likely be asked to make a deposit (the amount may vary). This deposit is often referred to as "earnest money" and is given as a show of good faith on your part that you're sincere about your offer. If the sale goes through, the amount of earnest money you put down will be deducted from the amount you owe the seller at closing.
What documents will I need to take with me to try to get a home loan?
- Application Fee (cost of appraisal, credit report and initial processing).
- Legible sales contract signed by Buyers and Sellers.
- Social Security numbers of all applicants.
- Complete addresses for the past two years (including complete name and address of landlords for past 24 months).
- Name, address, and all income earned from all employers for past 24 months.
- Copies of previous two years' W-2 forms.
- Copy of most recent year-to-date paystub.
- Name, address, account number, monthly payment and current balance for: installment loans, revolving charge accounts, student loans, mortgage loans and auto loans.
- Name, address, account number and balance of all deposit accounts, including: checking accounts, savings accounts, stocks, bonds, etc.
- Three months' most recent statements for deposit accounts, stocks, etc.
- If you choose to include income from Child Support/Alimony bring copies of court records or canceled checks showing receipt of payment.
If you are applying for a VA Loan:
DD-214, Certificate of Eligibility or statement from your Commanding Officer if you are on active duty.
If you are self-employed or paid by commission:
Previous two years' Federal Income Tax Returns with all schedules and a year-to-date profit and loss statement.
If you own other properties:
Address of properties and current market value.
If any debt is owed on properties:
Lender's name, address, account number, monthly payment and current balance. Copy of previous two years' Federal Income Tax Returns with all schedules. If rented; copy of lease.
If you have filed bankruptcy in the last seven years:
Copy of petition and discharge, handwritten explanation of the reason for bankruptcy and evidence of excellent credit since the bankruptcy.
Check here often for info regarding upcoming Open Houses!
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