Post on 17-Feb-2017
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Homeownership is high on the list of the “American Dream”. These days, it’s not generally feasible to buy a home in cash, so potential homeowners need to navigate the mortgage process. !
There are few things that mortgage seekers will need when starting the process…
S O L I D E M P L O Y M E N T H I S T O R Y
• Lenders always look at employment history.
• The longer you’ve been at your most recent job, the better - - but 2 years is the general minimum
• Additionally, the smaller the number of job changes, the more trustworthy you appear
E X C E L L E N T C R E D I T
• This is probably the most obvious requirement
• FICO Score can be between 620-640 for some loans
• A score of 720+ will get better interest rates
C A S H O N H A N D
• It will be impossible to get a mortgage if you don’t have any money do put down
• Lenders check your “cash on hand” because they need to weigh the possibility of you defaulting on your loan
A D D I T I O N A L D O C U M E N T S Y O U ’ L L N E E D D U R I N G T H E A P P L I C AT I O N P R O C E S S :
• Credit Reports (have these on hand from all three bureaus)
• Employment Records & Pay Stubs for the last two years
• Proof of Residence from the last two years
• Homeowner’s Insurance