New Home Purchase
- Need to determine what loan amount you can qualify for to make certain you are looking at homes in your price range.
- Make a list of what is important to you: (Location to work, neighborhood, school district, monthly mortgage payment, etc.)
- 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
- Copy of drivers license and Social Security card for all borrowers
- Current paystubs for the last 30 days
- W2s for 2014 and 2015
- Tax returns for 2014 and 2015
- Last two month’s statements for all checking, savings, assets, and retirement accounts (must include all pages of statement)
- Complete tax returns for 2014 and 2015 if self employed or paid commissions
- Year to date Profit and Loss Statement of self employed or paid commissions.
- Bankruptcy letter of explanation and initial filing-discharge documents