5 Documents First-Time Home Buyers Need
Naples First-Time Home Buyers There is a lot of work that goes into finding the perfect home for first-time home buyers. There are significant steps that need to take place before you are ready to start your search. The process may seem daunting, but if you are diligent you too can realize the dream of being a Naples first-time home buyer.
One of the first steps to take is to put together your team consisting of a trusted REALTOR® and Mortgage Loan Officer who can help you navigate the process. Next you will want to start to assemble and review with your Loan Officer the required documents you’ll need when the time comes to seal the deal for Naples first-time home buyers.
Your Credit Report
Naples first-time home buyers read on. Your Loan Officer will request your credit report in advance. It’s important to review your credit report for any errors that may negatively affect your score. If there are any discrepancies you’ll want to work to get them corrected to improve your score so that you can get the lowest possible interest rate that may increase your buying power.
Pay Stub Proof
In order to ascertain your ability to pay off your monthly mortgage you will need to provide at least two pay stubs from your employer. You won’t want to give away your originals, but a photocopy of your last two paychecks usually serves as adequate verification.
Recent Bank Statements
The number of bank statements required may vary depending on the lender you’re working with. You’ll likely need photocopies from the last two to three months. It is a good idea to put yourself on realistic, but strict budget so that you can increase your savings and therefore increase the balances on your bank statements. If you have any large deposits that are not from your employer the Lender will need to know the source of those deposits. This will be a means of proving your financial health as well as your ability to pay your monthly mortgage in the event of interest rate hikes or other fiscal setbacks.
Tax Return Copies
Your federal tax returns provide further proof of your employment and financial standing. The last two years of tax returns compete with your signature will need to be submitted. Keep in mind that any schedules you’ve filled out to complete your yearly returns should also be included. This is a must for Naples First-Time Home Buyers.
Additional Asset Statements
In addition to recent bank statements, if you have any stocks, bonds, or hold mutual funds you must also provide statements of these investments. While these accounts will only require your most recent statements, they will be beneficial in providing a more comprehensive picture of your finances.
There are many aspects of purchasing a home that can be time consuming. Having the documents you need beforehand can improve your chances of obtaining a pre-qualification letter from your Loan Officer that will strengthen your position when it comes time to place an offer on your first home.
If you’re planning on purchasing a home soon, feel free to reach out to me for a FREE Consultation. In addition, Dan Lolli from Stock Financial will be happy to offer you free of charge, a consultation before you begin to consider making an offer on a home in Naples. Also be sure and watch this video interview Glenna moderated with Dan Lolli. You can watch it here.
In addition to this informative article, feel free to visit our Buyer’s Guide link.
Glenna is one of Stock Realty’s Top Producing real estate agents. She can be reached at 239-784-0166 via text message or voice call.
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