The Home Buying Process
Step 2 Of 6
Find A Loan
To help you focus in on the loan that is right for you, we'll walk you through a few steps.
Gather Information
You'll want to begin gathering the information you'll need to apply for and to close your loan.
Answer a Few Questions:
Once you're ready just answer a few questions and we'll provide you with a variety of loan options to help you decide. Other factors that will help you select the right loan for you include insurance information and the amount of your down payment.
Gathering Information
Now is the time to find and organize some basic documents before you start looking for a loan. Collect all the information listed below in one spot and you'll be ready to go on the next step.
Here's What You Need:
- Name, current address, social security number
- Name(s), and work number(s) of employer(s) for the past two years
- Monthly income for you and your co-borrower (most recent pay stub(s) with year-to-date income) includes bonuses, commissions and overtime income for the past two years (this information is on your tax return)
- If you are self-employed, you will need the last two years' tax returns for the type of business you own: Sole Proprietorship (Schedule C), Partnership (From 1065), or Corporation (Form 1120 or 1120s). In addition, the last two years' personal tax returns (including K-1s)
- Documentation to support credit history problems (if applicable), which can be a written explanation of late payments, bankruptcy (petition and discharge papers), defaults, judgments, and/or liens
- As part of closing, we will have to verify all funds that you receive; so it's a good idea to get together any documents that will verify proof of receipt or deposit for funds, like gifts and trust accounts
Down Payments
Having a down payment is probably the biggest hurdle for many first-time home buyers. You may already be worth more than you realize.
When calculating your assets, be sure to include ALL of the following sources:
- All checking and savings accounts
- Stock, bonds, stock options, 401k value
- 401K loan
- Gifts from family
Your bottom line just might be better than you think. Know your assets. It's the first step in coming up with the downpayment you need to get the home and the loan you want.
What if Your Downpayment Falls Short?
Don't give up hope. There are ways to make it work.
Here are a few ideas for you:
- Look for a loan that requires less money down? There are several different type of loan options, and we will help you find the right one for you.
- Think about getting Mortgage Insurance (MI) which:
- Allows for a lower down payment
- You can pay for it on a monthly basis
- You can drop it once you reach 20% equity
- Talk to one of our loan representatives for low down-payment loan options
