First Time Homebuyer Mortgage Checklist

First Time Homebuyer Mortgage Checklist

Want to become a homeowner?

Here's a checklist to put you on the road to homeownership. 

Income:

Qualifying Income - Must have 2 years of  income:

  • W2, self employed of 1099 employee

  • Self emploed? Net income = Qualifying

  • Not self-employed? Gross income = Qualifying 

Rental Income - Must have 2 years of rental history to qualify

Other Forms of Income: 

  • Social Security

  • Commission

  • Child Support

  • Interest and Dividend Income

See Jason for more forms of income


Credit:

Loan programs have different requirements

FHA Loan minimum score: 580

Conventional Loans: 620

Better credit Profile = Better Interest Rate

Factors that weigh your credit score down:

  • Payment history

  • Outstanding credit balances

  • Credit History

  • Debt/credit ratio

  • Type of Credit and Inquires

Assets that may be resources for your down payment

  • Savings/Checking account

  • IRAs, Thrift Saving plans

  • 401(k) and Keogh accounts

  • Stocks and bonds

  • Savings bonds

  • Gift funds

  • Sale of persaonal Property

  • Downpayment assistance programs

  • Sale of real estate

  • Colatteralized loans

  • Disaster relief grants and loans

  • Employer assistance programs

Approx 5% of down payment must come from buyer on Conventioanal loans


Employment At least 2 years

Education counts as history

Self employment must be greater than 2 years by the same business

Call me today to get started on your road to homeowenership.



Aneita Williams Headshot
Author:
Phone: 561-425-3255
Dated: February 20th 2017
Views: 123
About Aneita: ...

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