BUYERS GUIDE
02
Financial Preparation
Financial Preparation
The most important first step in the home buying process is understanding the loan programs available and the qualifying requirements of each program.
Preparing for the Loan Application
1
All financial specialists will require you to provide proof of assets and income, good credit standing, employment verification, tax returns, and other personal financial documentation.
2
Review all available loan products with your financial provider to determine which loan is best suited for your situation.
3
Discuss your credit standing and income to ensure you qualify for the type of loan you want.
4
Seek alternatives with your lender if your current credit and income situation do not qualify you for a specific loan type. There are many non-conventional loan products available for unique situations.
5
For self-employed borrowers, a financial specialist can help you compare the cost difference between increasing your taxable income to qualify versus using a bank statement program with a higher interest rate.
