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.

The Property

  • 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.