First Time Home Buyer

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Buying a home for the first time can be challenging to say the least!
And we’re ready to find you the right mortgage solution.

With all of the lending changes in the mortgage industry, you can depend on us to help you through each step of the process to make the transaction easier on you.

The biggest challenge in getting started is to determine a loan amount that works for you. Once you know the loan amount you qualify for you can work with your Real-Estate agency.

To get started, we will need to determine:
> Getting pre-approved for a mortgage amount: This help you find the right home.
> Your credit score: This will help determine what type of loans you qualify for, including the rate and payment structure (type of loan, length of payments and maximum mortgage amount).
> Gathering accurate financial records: You will need to provide accurate records for income and assets.

Documentation Needed for Formal Loan Application:
The following information is needed for a licensed loan officer to determine which program will be best for you and what home price range will meet your budget.

To run credit: Full legal name, home address, social security number, date of birth for all borrowers. Credit scores and also number of open accounts paid on time for 12 months or more, are analyzed to determine creditworthiness. Bankruptcy, divorce, etc. documentation may be needed as well, if applicable.

For income analysis: Most recent 30 days- worth of pay stubs, 2 years most recent Federal Income Tax Returns (1040’s) and all W-2’s.

For Social Security or other benefits- annual award letter, proof of direct deposit to bank/credit union account.

Income must be determined to be stable and to continue for at least 3 more years. Overtime, commission, seasonal, part time and/or 2nd job income may be considered if stability and continuance can be verified.

To document funds to close: 60 days most recent statements or print out from bank/credit union. Please note: It is very important that your lender can document the source of all of the funds to close, including the deposit given to your REALTOR.

Additional documents as needed: Divorce Decree; Child Support Order; Bankruptcy Petition with all schedules and Discharge of Bankruptcy form; for VA loans- DD214 or Certificate of Eligibility.

Contact us today to get you started down the road to your new home.

Looking to crunch some numbers? Use our loan calculation tools to research different options.
Click here to visit our .net secure website… It’s a great way to get started!