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First Time Home Purchase Overview

  • Complete the pre-approval process to determine how much home you can afford before making an offer on a home
  • Shop for and make an offer on a home that meets your needs and meets the pre-approved lender financing guidelines.
  • Complete the loan application
  • Obtain loan approval
  • Close the loan and take possession of your new home

Pre-approval / Lender Letter

We complete the following tasks

  • Order credit report
  • Analyze your income to see how much your are qualified for
  • Provide a pre-approval letter used for real estate offer

A pre-approval is a process which mortgage lenders use to determine how much money they will lend you based on a review of your income and credit.

What’s needed for a Pre-Approval Letter

  • One Month’s Paystubs
  • Last Two Years W2’s
  • Last Two Years Tax Returns
  • Bank Statements

What to Bring to Your Application Meeting

  • Bank statements (checking and savings), IRA, 401K
  • W-2’s and one month pay stubs
  • Purchase agreement
  • 2 years personal and business tax returns(self-employed)
  • Driver’s license

What Happens Next?

  • Request title work to ensure clear title to property
  • Verify:
    1. Assets
    2. Employment
    3. Salary
    4. Debts
  • Identify any additional documentation needed

Down Payment

  • The down payment can be anywhere from 3% or more
  • The down payment can come from any of the following:
    1. Savings Account (Your Own Funds)
    2. Gifts from a Family Member
    3. Sue-Sue
  • Putting 20% down will avoid you having to pay PMI
  • A part of your down payment will be needed at the time you sign the contract and the rest of the down payment funds you will bring to the closing.    (depending on how much you are putting down)

If you would like to learn more about the process of getting a home loan, contact us to talk to a loan expert or submit a Loan Advisor request.