Home Buying in 55109>Question Details

amygraff22, Home Buyer in Saint Paul, MN

First time home buyer

Asked by amygraff22, Saint Paul, MN Fri Mar 14, 2014

I was wondering if I could get some advice on steps to take for first time home buyers. My credit is good but my proof of income might be a problem. My dad has agreed to cosign if necessary. I'm just nervous about making the next move since I'm not sure what to do.

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Hello Amygraff22,

First step in the home buying process is to talk with a knowledgeable and reputable loan officer. He/she will be able to give you a pre-approval letter that will give you an indication of your home buying power. Once you and your realtor offer have been accepted by the home owner,then you will send the contract to your lender. Thats when they will ask for more documents such as your last two paystubs,last two bank statements, last two W-2 forms,last two 1040s,Driver's license and as well as additional pertinent information that is required. But since your Dad is co-signing for you,they will ask for his documents as well. Good luck to you. http://www.buyandsellnewhomes.com
1 vote Thank Flag Link Fri Mar 14, 2014
If you are self-employed, most lenders will want to see two or three months of bank statements to validate your typical income. Otherwise, many lenders will also agree to qualify you based on a couple of years of tax returns. What issue is causing you to doubt your "proof of income"? If your income is spotty, getting a co-signer might be your best path. Ask your lender. In fact, go talk to at least two or three lenders so you can comparison-shop among them. Good luck.
1 vote Thank Flag Link Fri Mar 14, 2014
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore begin by visiting with any licensed loan officer to determine qualification, then go from there....
1 vote Thank Flag Link Fri Mar 14, 2014
Hello Amygraff22,

I work with many first time home buyers. The first step is to meet with an experienced loan officer so you know what price range of properties to look at.

I would be happy to meet with you.

Karianne Olson
(763) 742-3275
0 votes Thank Flag Link Sat Mar 14, 2015
First step is to hire an Exclusive Buyers Agent they will be in your corner 100% of the time. They will be able to put you in contact with lenders that should have adoption to your situation.

Let me know if you have any other questions.
0 votes Thank Flag Link Fri Mar 14, 2014
Call a reputable lender. They don't have to be local per say unless that makes you more comfortable. Many lenders are licensed through out the US. However a local lender may have more experience with down payment assistance programs for you specific region. Hope that helps.
0 votes Thank Flag Link Fri Mar 14, 2014
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