What is a Pre-Approval?

A pre-approval document helps you understand how much you can realistically afford. When you are pre-approved, you are at an advantage over other home shoppers, and if you want to put an offer in on a home immediately, you are fully prepared to do just that!

Income and Asset Documents Required:

• Two most recent and complete Tax Returns
• Two most recent W2 forms
• Two most recent Pay Stubs
• Two most recent and complete Bank Statements
• A copy of your Photo ID

Credit Check Information Required:

• Name
• Home Address
• Social Security Number
• Birth Date

Do you need 20% down? NO!

There are several loan options with lower down payment requirements,  State housing agency programs and other gifts and grants may also be available to help with your down payment and closing costs.

Do you need perfect credit? NO!

One of the best loan programs for someone with a lower credit score is a Federal Housing Administration (FHA) home loan. You only need a 580 credit score or higher to qualify for a loan with a minimum down payment of just 3.5%.

The Financing Options Available

Conventional

• Down payment as low as 3%
• Loan terms from 10 – 30 years
• Fixed and adjustable rates available

Federal Housing Administration (FHA)

• Only 3.5% down required
• Loan terms from 10 – 30 years
• Fixed and adjustable rates available
• Credit scores down to 580 accepted, co-applicants allowed
• Seller can pay up to 6% of the sale price towards closing costs
• FHA 203 (k) available for rehab homes

Loans for Veterans (VA)

• No downpayment or mortgage insurance for qualifying military veterans
• Credit Scores down to 580 accepted
• Seller can pay up to 4% of the sale price toward closing costs (total concessions may exceed 4% depending on type)
• Limited closing costs, no early payoff penalty, funding fee waived for disabled veterans (>1%)
• Benefits can be reused for future VA loans

Follow These Guidelines to Ensure Success

Do these things:

• Do contact the bank with any changes to your job
• Do save all your financial documents
• Do continue to pay your bills on time
• Do make sure you have the money for your closing costs, down payment and loan reserves
• Do shop for home insurance early and provide the bank with your quote
  Do expect to hear from the bank if they need additional information

Don’t do these things:

• Don’t authorize any inquiries into your credit (including credit cards, furniture, appliances, vehicles, boats, cell phones, cable, alarm companies, etc)
• Don’t incur any additional debts
• Don’t make any large deposits to your bank accounts without talking to the bank first
• Don’t spend any money you have set aside for closing
• Don’t open any new accounts, close any existing accounts or move money around accounts without contacting your loan officer first
• Don’t sign up with any credit repair or “consolidation” company
• Don’t hesitate to discuss guidelines for gift funds with the bank.

Next Steps

Call, text or e-mail me today so that I can connect you with my preferred loan officer who not only provides the best customer service experience, but also will close your loan in 30 days or less.

* A credit of $50 per $50,000 of purchase price will be provided as a closing credit to your sale (up to $500 max). For example, a $250,000 purchase price, will equal a $250 closing credit. Any purchase $500,000 and above will be equal to a $500 closing credit. Registration is required in order to receive this credit.