The Homebuyer’s Checklist
Here is some helpful information for anyone looking to buy a house. Feel free to look through before you begin planning so that you can find out what you need to do and what we can do for you.
- Do you have a reliable, continuing source of income to make monthly payments?
- Income can come from primary, secondary, and part-time jobs, as well as overtime, bonuses, and commissions.
- ***To use part-time, overtime, bonuses, and commissions income, you must have been receiving that for at least the previous two years***
- You may use other sources of income if you want them considered for payment – including retirement or veteran’s benefits, disability payments, alimony, child support, and rental or investment income – provided they can be verified as stable, reliable, and likely to continue for at least three years.
Current Debts and Credit History
- Do you pay your bills, loans, credit cards, and other debts on time?
- We examine your payment habits before deciding to loan you money.
- Your credit history and credit score are also examined prior to deciding to loan you money.
- It is a good idea to check your credit history and correct any problems before applying if possible.
Assets and Available Funds
- Do you have enough funds for a down payment and closing costs?
- You may use funds from a savings account, certificate of deposit (CD), investments, or retirement fund.
- In some cases, you may be able to use a gift from a relative, friend, employer, or not-for-profit organization.
- In many cases, you will also have to demonstrate that you have additional funds in your accounts to cover several months of mortgage, tax, and insurance payments.
- What is the market value of the property you want to purchase?
- We will order a property appraisal to make sure your property’s value meets our underwriting requirements.