 |
| |
First Time Home Buyer Checklist
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.
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. 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!!!!!!!!!!!!!! Leave First Time Home Buyer Checklist and return to our First Time Home Buyers – Home Buying Process main page.Return to First Time Home Buyer Solutions home page.

|
|