Forum Banot- What is needed to qualify for a home loan

Forum Banot- What is needed to qualify for a home loan.
Thanks for the opportunity to share with you an evening with a financial panel at the Forum Banot.

What are the documents you need to get  pre-qualified for a Home Mortgage

Income-

  • 2 year Tax returns personal and business
  • 2 Year W-2
  • 2 paychecks to make 30 days

Assets-

  • 2 months statements- ALL pages even if they are blank
    Checking, Saving, Money Market, Stocks & Bonds, 401K IRA etc

Credit

  • we will pull a tri-merge credit report
    must have at least 2 open accounts for 12 months
    minimum score should be 620 (we have done lower-rate will increase)

Once we have all 3 we will do the Debt to Income Ratios
40%-50% DTI is acceptable

Get Pre-qualified- http://loans-4-u.com/get-pre-qualified/
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