Home Loans

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!

  1. Figure Out How Much You Can Afford!
  2. Check Your Credit
  3. Explore Your Mortgage Options
  4. Don’t Make Any Big Purchases {Going into debt may affect your ability to get a Home Loan.}
  5. Get Pre-Approved!

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Documents Required for Loan Qualification

  1. Employment Information from the past 2 years.
  2. Residence address for past 2 years.
  3. W-2 and tax returns for the past 2 years.
  4. All bank account statements for the past 2 months.
  5. Pay stubs for the past 30 days.
  6. Copy of social security card and Drivers License.
  7. Loan information for real estate properties.
  8. Certificate of Eligibility and DD214’s {for VA loans.}
  9. 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