Here are some helpful tips for getting ready to buy a home:
1. Check your credit score and report. You can obtain a free copy of your credit report once a year www.annualcreditreport.com
2. Collect tax returns, W2s for the past two years and paystubs for the past 1-2 months for proof of employment and income.
3. If you are renting, pay by check so you have a record they can verify.
4. Avoid large or unusual deposits or withdrawals from our bank account. If you are “borrowing” money from friends or family, be aware that the lender won’t allow you to “borrow” money and they will require it to be a gift with no expectation of repayment.
5. Talk to a few different loan officers at different companies so you can compare the closing fees and loan programs available. Some local banks have in-house programs that are more flexible with down payment then the loan programs that are resold to investors. However, independent mortgage brokers often have access to a larger variety of programs then local banks do. It’s a good idea to talk with someone from both. Multiple loan officers can check your credit without additional adverse effect as long as it is within a 30 day period. We can direct you to some loan officers we’ve had good experiences with.