Congratulations! Deciding to buy your first home is exciting --although, we understand that sometimes it can be confusing.
That’s why we make applying for a home loan fast and stress-free. And with some preparation, it can be even faster!
Look over the checklist to see what you'll need to apply for a first-time home loan. If you have any questions, please contact us. We’re here to help!
What You Need To Buy A Home Credit Report
After getting some basic information, like your name, birthdate, income, and social security number, we’ll request a credit report from the credit bureau. Your credit score is important for qualifying for a home loan, so when reviewing it, we’ll also look for ways to raise it.
A higher credit score often means a better interest rate and our goal is to get you the best rate possible. If there are any mistakes or outstanding items on your report, we may offer some advice on how to remove them.
Debts and Other Payments
We'll also need information about your monthly obligations, such as car payments, insurance, and student loans. If you have any court-ordered payments like child support or spousal support, you'll want to prepare a copy of these too.
Proof of Income
To verify your income, we'll need a few documents. First, we need your tax returns for the past two years. We'll also need copies of your pay stubs and bank statements from the past three months.
Remember that court-ordered child support and spousal support also counts as income! A copy of the court order along with the bank statement showing regular payments is all you need to include it as income.
Proof of Down Payment
While some first-time loans are "zero down," others require 3 to 10 percent down-payment. This isn’t much when compared to most conventional loan programs that ask for 20 percent down. If your loan program asks for a down payment, make sure that you've had this money sitting in an account for at least three months.
This "seasoning" period is a way to show that you are responsible with your money and have been saving it for a while. If your down payment a gift from a family member, you'll need a letter explaining that those funds were gifted.
The Fastest Route To Buying Your First Home
You have many home loan options, some that are exclusive to first-time buyers. When you providing us with these documents, it also helps us match you with the best home loan program. Another bonus is that getting a home loan is much more relaxed and accessible than it was just ten years ago.
You can apply online right now, securely submit your documents electronically, and see how close you are to approval just by logging on.
Have more questions? Call our office, and we'll be happy to assist you!