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Congratulations on your decision to move forward to purchase a home! This is, more-than-likely, the largest purchase that you will make in your life. It is very important to work with a Lender to make sure you are financially capable to cover the costs associated with homeownership. Getting pre-qualified is, in my opinion, the most important step to take when trying to purchase a home.
1. Gather all financial information below.
SELF EMPLOYED or SALARIED WITH RENTAL PROPERTIES OR PARTNERSHIPS
2. Contact a lender. The Lender will discuss your overall financial situation, your buying plans, income, debt and assets. The Lender will request to pull your credit score. It is imperative to have the Lender run your credit. This shows everyone involved that you are serious about purchasing a home. will confirm all details in the paperwork that you provided to the Lender. This allows you and your Real Estate Agent to know exactly what your buying power is. Pulling your credit will determine if you meet their initial set of requirements to move forward and into a loan program.
3. Receive the prequalification form. This form is required to be submitted to the Cooperating Agent/Seller with each offer. The form shows the Cooperating Agent and the Seller that you can afford the home. The form will show the expected loan type, down payments, monthly payments and all documentation that the Lender received to verify your information. This form also gives your Real Estate Agent the max amount to input into your home search. Now that you have this form in hand, you can begin your home search.
Do you plan to use a VA loan? Here is another article to get started on your home purchase journey.
5 Steps To Purchase A Home Using VA Benefits