Local Mortgage Lenders ~ Purchasing Property in Fruitland Idaho
It’s time to purchase a new home, but before you start searching for your dream home, there are a few essential tasks to tackle first!
After all, if you love a home, you’ll want to know it’s within your financial reach!
- Figure Out How Much You Can Afford!
- Check Your Credit
- Explore Your Mortgage Options
- Don’t Make Any Big Purchases {Going into debt may affect your ability to get a Home Loan.}
- Get Pre-Approved!
Documents Required for Loan Qualification
- Employment Information from the past 2 years.
- Residence address for past 2 years.
- W-2 and tax returns for the past 2 years.
- All bank account statements for the past 2 months.
- Pay stubs for the past 30 days.
- Copy of social security card and Drivers License.
- Loan information for real estate properties.
- Certificate of Eligibility and DD214’s {for VA loans.}
- Divorce, foreclosure, and bankruptcy {if applicable.}
Benefits of a VA Loan
VA loans provide home buying benefits that other financing options can’t altogether match.
- No Down payments ~ 9 in 10 VA buyers purchased with $0 down last year.
- No Mortgage Insurance ~ VA loans don’t carry mortgage insurance. There’s an upfront fee {most borrowers choose to finance.} But, Veterans with service-connected disabilities don’t have to pay it.
- Flexible Requirements ~ From the credit score most VA lenders are looking for, to how soon veterans can purchase after bankruptcy, foreclosure, or short sale.
- Closing Cost Limitations ~ VA loans limit what borrowers pay for closing costs, and there are some expenses homebuyers aren’t allowed to pay at all.
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Your Fruitland Real Estate Expert