Question Details

erinnicolein…, Home Buyer in 29644

We are first time home buyers, learning about home loans

Asked by erinnicoleingle, 29644 Wed Oct 23, 2013

We don't know much of anything about applying for home loans, or the process of buying a home, or the different payments with owning vs renting. We have 5 months to try to learn and save money, and I don't think we could save more than 5% down payment. Can we find a place that will let us do that? Prefer a home, not a mobile, and would prefer a monthly mortgage of 400, but a max of 600. Please tell me everything you know.

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If you haven't been pre-approved yet I recommend this be the first thing you do. So speak with a lender to apply for a loan and prequalify. When you apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. 1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages) 2) Credit Report which they will pull 3) Employment History or Business Tax Returns if you're Self Employed 4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have. These are just a few things you should have ready when you begin your buying process. If you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887
0 votes Thank Flag Link Fri Feb 14, 2014
It would be great to work with you, but you don't have to have an agent to get great information on lending. Here are two terrific contacts.

- DJ Harrison: VIP Mortgage 303-906-1955
- Mitch Friedman: City Wide 720-434-4784

I recommend interviewing lenders just like you should interview a few different agents to see who is the best fit for you. If you have any further questions feel free to give the iMPACT Group a call 303-378-0050.
0 votes Thank Flag Link Wed Oct 23, 2013
I would recommend working directly with an agent to get started:

0 votes Thank Flag Link Wed Oct 23, 2013
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