Would you like a cool list to help you with the process?
A quick and easy first time home buyer checklist to help you in buying first home. It helps you understand in a list order what you need to accomplish in the home buying process.
If you feel you are ready, starting the pre-approval process is an important step to take.
Be sure to print this list and check it off as you complete each task.
Run your credit report
If credit score is low, fix any errors.
Pay down any credit card that are maxed-out.
Be sure to improve your credit history by staying current on all bills for at least 12-18 months prior to applying for a loan.
Evaluate your debt-to-income (DTI) ratio.
If DTI is too high, consider paying off some debts or adding another income to the mix (perhaps a spouse's income).
Figure out how much you can spend on a home and what your approximate mortgage payment may be.
Evaluate your down payment possibilities with this first time home buyer checklist
Do I have at least 3% saved in some sort of savings account?
I have investigated down payment assistance.
I have explored the grant possibilities.
Evaluate possible loan programs.
Conventional loans
FHA loans
VA loans (if I'm a veteran)
Start the application process (the above things on the list can be done through the application process).
Provide last two pay stubs
Provide last two months of bank statements
Provide last year's W-2s
Obtain pre-approval from a lender.
Locate the home I'm interested in purchasing.
Put in a purchase agreement and have it accepted.
Lender ordered an appraisal.
Lender ordered a home inspection.
Loan approval finalized
Provide last two current pay stubs.
Provide current last two bank statements.
Provide another year’s W-2 if your application finalization is in another year.
Another credit report may be pulled (this is where, if you ran out and bought furniture before the house closed, your loan approval may be affected).
Do a walk through on the house before the closing (amazingly things have changed on the house from the time the purchase agreement goes and the closing, so do a final walk through).
Close on your home!!!!!!!!!!!!!!
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Where would you like to go next?
Learn all there is to know about the home buying process by reading this article.
If you would like to understand the available programs, check out First Time Home Buyer Programs to see which one fits your needs.
Wondering where to begin in choosing a lender? Choosing a Mortgage Company will give you some awesome tips in making that decision.
