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by Dan Auito
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style="text-decoration: NONE">Copies of three years of tax returns for first time buyers + schedules and W2 forms
Copies of most recent pay stubs within the last 30 days
Copies of your most recent three months of bank statements
A list of all creditors with name, address and account numbers
With these initial documents the lender can begin to process your application for a loan. They will determine your assets and liabilities (net worth) as well as verify where you live now, your credit history and a host of other information that begins to validate your existence and ability to borrow money now and in the future.
Once they’ve had a chance to review and verify your information they can pre-approve you for a certain loan amount. Once your approved you can begin your search for a home of your own, typically as a first time home buyer you will find that there are programs that let you put as little as 3-5% percent down in order to buy a home that satisfies the lender’s guidelines according to its value and conformity. Now on a $150,000 loan the down payment can be anywhere from $4500.00 - $7500.00.
There are ways to lower these costs and a great place to start is by attending a first time home buyer’s class. These classes introduce you to the basics and give you further information on programs that are currently available that may offer you the opportunity to buy with nothing down! So with that said, the next step is to get to a free class and get familiar with the process. Often I recommend going to the class before going to see a lender so you don’t appear so green and unprepared upon your initial introduction.
Since I usually |
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