Each adult going on the loan needs to apply to determine the credit & income that can be used collectively to secure a beneficial home loan. If you have a non borrowing spouse in a community property state please provide their first, last name, social security number and date of birth as well as advise how you would like the title to be held.
Gather the following simple verification documents
-Your last 30 days pay stubs for all W2'd proposed borrowers
-Proof of retirement or SSA Income benefit in the form of your current year award letter
-Last last 2 years W2's 2021/2022 for each borrower that is employed by W2
-Only send me tax returns if you or any borrower is self employed or has a business & claim any Schedule C Income or losses
-Copies of ID's for all Borrowers
Please log into IRS website to request your 2021/2022 Tax transcripts online:
https://www.irs.gov/individuals/get-transcript
Once you have gathered your simple verification documents please fax to (888) 449-6725 or email your documents above asap to yourloanhelp@gmail.com for an initial review to identify any objectives before applying to the lender that best fits your scenario. Once received I will work on this and reach out to you to go over findings prior to submitting your loan for an actual underwritten approval, then I can issue a Qualified Loan Approval Letter to provide to your Expert Realtor so that you can go out and confidently shop for your home. (if you don't have one I can recommend a great Agent to you.)
THE NEXT STEPS AFTER YOUR LOAN PRE-APPROVAL LETTER IS ISSUED
Please be prepared for your initial property inspection which ranges from $100-300 to make sure the home is in good enough condition to proceed with an FHA loan, have your earnest money deposit to take the home you want off the market from $1,000-5,000 which goes towards your closing costs. The cost for a Property Appraisal ranges from $500-$800. Also be prepared to pay $2000-$3000 in third party closing cost that includes title, escrow and lender fees.
Most importantly be prepared to have access to the funds needed for your Loans down payment at closing. Your title, escrow, lender & appraisal fees included in your closing costs that will be outlined in the initial disclosures that will go out once you find the home you love and you are ready to open escrow.
The next Step once all of your preparations are in order is to go out and shop with to find a home you love so your Expert Realtor can get your offer into the sellers/agent & accepted by the selling parties to start the loan closing process.
At that time the Underwriter may request additional documentation. This is a large purchase so whatever the underwriter asks us to provide we have to get this to them for your loan to be cleared for funding.
3rd Step Once we have submitted the Purchase contract & remaining needs to the lender for your approval, we can order the Property Appraisal. This costs between $500-$800 dollars.
You will need to provide me with your Preferred Homeowners Insurance Contact or quote so we can order your homeowners policy.
Once the appraisal, the title work, your homeowners insurance comes back & is cleared we can submit your loan back to the underwriter for final approval for your loan to be cleared to close.
Last step your closing will be scheduled and a notary to come to you & signing parties anywhere in the United States.
This is the Home Buying process in a nutshell.
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