07/24/2019
What do you need to qualify for a home loan?
Before house shopping, it’s a good idea to find out how much you potentially qualify to borrow. That means you’re not wasting time looking at homes outside your price range. A mortgage pre-approval means a lender has looked at your credit, income stability and your current finances, and is prepared to loan money to you for a house.
*
Good credit scores, an acceptable debt-to-income ratio and specific financial documents are some of the things you’ll need to apply and qualify for a home loan.
The requirements largely depend on the type of loan you’re applying for.
Generally, to get a preapproval letter from a lender, you’ll need to provide:
* Your identification, including Social Security number
* Two most recent, consecutive months of bank statements
* Employment verification, consisting of either a month of pay stubs or W-2s going back two years (or tax returns if you’re self-employed) (some lenders accept new job offers)
Lenders will also pull your credit report. Don’t worry about getting several inquiries to your credit if you get preapproved by several lenders. They will only count as one hard inquiry if you do them within a short time frame (15 to 45 days typically).
*
There are a number of loan programs including FHA, Conventional, VA, Homeready etc as well as homebuying assistance programs I can discuss with you just reach out
🏡
Becoming a homeowner is possible. Be realistic about what you can afford and what your comfortable paying monthly. Reach out and ask questions so I can share my resources to get you pre-approved. I’m here to help you achieve the dream of homeownership.
_____________________________________
Nya Leacock | Realtor
[email protected]
📲(718)764-3553
Realestatewithnya.com