Get that Pre-Approval Letter!
As a Realtor® I made a conscious decision some years ago to abide by certain rules. One of these rules is to only show property to qualified buyers.
When people list their property with me, I assure them that only ready, willing and able buyers will be tromping through their house, opening their closets, peeking in their cabinets and looking at their stuff.
So, unless you will be paying cash for your home, the first step in buying any home is to make sure you will be able to finance it through a mortgage lender. There is no reason to run around all over town looking at houses wasting gas and get your hopes set on a particular house until you get this first and very important step done.
I like to work with people that get things done quickly and with the least hassle. I currently work with several mortgage professionals in this area. If you contact me, I’ll help you navigate your finance choices. There are mortgage brokers, direct lenders, FHA and VA lenders, lenders that specialize in vacant land…
What the typical lender needs to verify and document:
- Income: Pay stubs from the past 30 days
- Most recent two months’ statements for all bank and/or investment accounts
- Last two years’ W2 forms
- Last two years’ full tax returns
- Copy of your driver’s license and Social Security card
- Divorce decree (if applicable)
- Child support agreement (if applicable)
- Bankruptcy papers (if applicable)
- Certificate of Eligibility (for VA loans)
IF… AND… or BUT…
In my line of work there are always contingencies, and the best way for me to describe a contingency is an if, and or but. Such as, I have this, but I don’t have this. There are self employed people that don’t have those W2s, there are always except; I need this, but I can’t do this… The best way to see if you can get a pre-approval or pre-qualification letter is to contact me and I’ll set you up with some of the people that I work with who can explain things a whole lot better for your particular situation.
What if you don’t qualify?
Don’t panic or scream and claw your face! There are certain steps you can take to make buying a home a reality. If it is a credit issue, chances are it can be fixed. It may take some time, but with patience things can be corrected. There are several ways to ‘fix’ your credit and with patience you can buy a home within a little while.