First Time Home Buyer Do‘s and Dont’s
Congratulations! As a Homeowner comes many Advantages!
Congratulations! As a Homeowner comes many Advantages!
When you are looking to buy your first home, there are some “musts” you should know right away!
Be careful about purchasing a large debt like a car loan, furniture, etc.: Yes, it’s exciting that you have the down-payment necessary for your home purchase, but remember the DTI (debt-to-income) ratio can drastically change that can cause your loan to shift its rate, program type and more.
With that said, your FICO score can be increased if you do the following:
Final Note: When you are in the midst of a home purchase, DO NOT have any other credit pull done.
Stay Organized Will Help for an Easy Loan Process
The following information is usually required during the loan process
Pay stubs for the last 30 days (consecutive and current) – borrower and co-borrower
Copies of your W-2’s and/or 1099 statements for this year and previous year.
Copies of past year and current year tax returns.
Bank Statements (all checking and saving accounts) for the last 2 months – all pages
Financial assets: Copies of 401K, IRA, mutual fund and/or brokerage statements – all pages
Copy of your driver’s license and social security card – borrower and co-borrower
Pay stubs for the last 30 days (consecutive and current) – borrower and co-borrower
Copies of your W-2’s and/or 1099 statements for this year and previous year.
Copies of past year and current year tax returns.
Bank Statements (all checking and saving accounts) for the last 2 months – all pages
Financial assets: Copies of 401K, IRA, mutual fund and/or brokerage statements – all pages
Copy of your driver’s license and social security card – borrower and co-borrower
If purchase:
Copy of executed purchase agreement-if available
Realtor’s name and contact info – if available
Signed copy of the Borrower’s authorization form and Application-available upon request.
If you currently own Real Estate:
Mortgage account information
Home insurance policy information
Home equity account information (if applicable)