Lenders will require 30 days recent pay stubs, 2 year tax returns, 3 month bank statement and permission to run your credit. They calculate your monthly debt and liabilities and allow a certain percentage of to be used for a mortgage payment.
Contact me lender to help you with all your lending needs. Thanks
Karlton Uhm, Senior Mortgage Banker
Peoples Home Equity, Inc 1801 S Meyers Rd, Ste 500 Oakbrook Terrace, IL 60181
Direct (630) 225-7585
Cell (630) 865-9635
Fax (630) 812-1367
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
Here are the steps I take for qualifying a first time homebuyer:
1) What is your current living situations, are you renting, or living with family? If so when is your lease up?
2) Have you been pre-approved by a lender so you know how much you can spend? If they have not been pre-approved for a loan I explain the importance of having the pre-approval. I refer to my trusted right hand Mary Kay Laurent with Guaranteed Rate at 773-516-6859 to get pre-approved.
3) I explained the importance of the commitment between client and broker.
4) Once they have been pr-approved we discuss what they are looking for in a new home and the neighborhoods they are considering. It is also time to go through the entire buying process from beginning ton end.
5) I explain what to look for in showing and that they should look in every room. I also let me clients know if we walk into a property and they immediately feel it is wrong for them not to fee badly for cutting the showing of that property short.