FIRST-TIME HOME BUYER FAQ #2: What Paperwork Will I Need to Give to the Lender?

FIRST-TIME HOME BUYERS ASK:  WHAT PAPERWORK WILL I NEED TO GIVE THE LENDER?

I don’t know why this part always makes people nervous, especially the first time home buyers. You can tell a doctor or therapist about the most embarassing and intimate details of a your life without blinking but then become shy when it comes to telling a lender about your financials when committing to a 30 year home loan.

HOME LOAN PRE-QUALIFICATION is more of a surface evaluation of your finances.  Initially you will only need to furnish the following to give the lender/loan officer a snapshot of your finances:

  • 2-3 months most recent pay stubs
  • 2-3 years recent tax returns and W-2’s
  • 2 months most recent bank statements
  • Copy of ID and Social Security Card

Usually within 24-48 hours you will get an idea of the amount you are possibly pre-qualified for in terms of purchasing price.

HOME LOAN PRE-APPROVAL, which I prefer before taking a buyer out to show properties, is a much more thorough evaluation of the buyer’s true finances and eligibility. It is best for the first-time home buyer to tell the lender everything upfront. BELIEVE me a good lender will find out anyway.  Here are just some of the things the lender will inquire about in regards to your financial setup and eligibility.

  • Credit Card debt
  • Back taxes, if any
  • Monthly Car Note
  • Child support payments, if any
  • Alimony payments, if any
  • Student loans and are they deferrable?

FIRST-TIME BUYERS ALSO ASK:  WHY DO THEY (THE BANKS) NEED SO MUCH INFO?

Most people are squeamish about loaning money to family or friends. When is the last time you loaned $100 to a STRANGER? How about a $1000? How about $100,000ds of dollars upfront to a stranger?

With both low home prices and low home mortgage interest rates, why not find out how much home you can afford now?  We also have a team that can assist you with credit repair to get you on the right track to buy!

Fill out this short form to start the process.  Do I Qualify for a Home Loan? 

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