New Home Purchase

  1. Need to determine what loan amount you can qualify for to make certain you are looking at homes in your price range.
  2. Make a list of what is important to you: (Location to work, neighborhood, school district, monthly mortgage payment, etc.)
  3. Choose a realtor.

Buy Your First Home

1.    First time buyer benefits:

  • Gain home equity by paying principle.  This helps grow your asset.
  • Tax benefits: Real estate taxes are usually tax deductible. (Always consult your tax advisor)
  • Making on-time mortgage payments help build strong credit.

2.    First time buyer responsibilities:

  • Commitment to making a monthly payment in full and on-time.
  • Extra expenses: property taxes, homeowners insurance, HOAs, tax assessments, PMI
  • Maintenance: leaks, roofs, landscaping, etc.

Documents You’ll Need

  1. Copy of drivers license and Social Security card for all borrowers
  2. Current paystubs for the last 30 days
  3. W2s for 2014 and 2015
  4. Tax returns for 2014 and 2015
  5. Last two month’s statements for all checking, savings, assets, and retirement accounts (must include all pages of statement)

If applicable:

  1. Complete tax returns for 2014 and 2015 if self employed or paid commissions
  2. Year to date Profit and Loss Statement of self employed or paid commissions.
  3. Bankruptcy letter of explanation and initial filing-discharge documents