You’ve finally made the decision to buy a home. Now what? The first – and most important – step in the home buying process is financing because you can’t do anything until you know how much home you can afford. To get started, you need to understand what types of home loans are out there and what lenders are looking for from a borrower.
I can help in offering the widest range of loan products in the marketplace. With that said, there are three main factors that help determine if you qualify for home financing: income, assets, and credit history.
Income
Most loan programs require that we verify all of your income sources. Typically you will need to provide paystubs, your W-2, and copies of your tax returns.
Assets
A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs, and assets, as well as documenting income and debts.
Credit History
All lenders will review your credit history to determine the type of credit used, the amount owed, and your history of repaying debt.
The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deductions.
