Hello, first time homebuyers, wondering what we need to qualify?

Asked by K. U., Chicago, IL Mon Jan 7, 2013

Help the community by answering this question:

+ web reference
Web reference:


Vincent Paige, P.A .’s answer
Vincent Paige…, Agent, Orlando, FL
Mon Jan 7, 2013
If you are looking to get pre-approved for a mortgage loan, then there are several items that you will need to provide to your mortgage professional or mortgage broker. The first step in the pre-approval process is to find a mortgage professional or mortgage broker that you feel comfortable working with. The more information that you provide upfront for your mortgage broker, the better off you will be in the long run and the less chances you have for any problems or delays in closing. To obtain a pre-approval letter, your lender will ask you to provide them with a number of documents that will create a "snapshot" of your current financial health and your ability to borrow. For each adult who will be on the loan application, the lender will require:

30 days worth of pay stubs

60 days worth of bank statements for every bank account
W-2’s for the last 2 years
Tax Returns – ALL pages for the last 2 years
Photo ID’s
Name, address, telephone and fax of your employer(s) for the past 2 years

Name, address, telephone and fax of your landlord(s) for the past 2 years.
If you are self-employed, you will need tax returns from the last two years

A current mortgage-specific Credit Report will be needed for a pre-approval to be issued, and must be pulled by the issuer in many states. Generally, if you've been pre-approved for a credit-based mortgage without a credit check by the issuer of the letter, that pre-approval letter isn't worth the paper it's printed on.
1 vote
Randall Yates, Other Pro, Dallas, TX
Sun Sep 29, 2013
Credit score of 580 for FHA with 3.5% down, Conventional loans require a 620 credit score and 3% down. Check out our site we can refer you to a Lender to help you.
2 votes
Riccardo War…, Agent, Bolingbrook, IL
Mon Sep 30, 2013
qualifying for a home is not difficult, and you dont need to have super high scores to make it happen. I'd love to go into detail how to make it happen.

Riccardo Wardlow
Quality Mortgage Lending


*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
0 votes
Joanna Weiss, , Chicago, IL
Mon Aug 26, 2013
You will need to be pre-qualified by a lender. I would be happy to help with your pre-qualification and financing. There are several first time home buyer programs that offer down payment assistance. Joanna Weiss NMLS 230092 773-327-3580
0 votes
, ,
Fri Aug 23, 2013
Good afternoon,

First steps for First Time Buyers:

• Meet with a Local Mortgage Banker in person to get prequalified for mortgage financing. Thorough Prequalification includes a credit report AND review of tax returns, paystubs and bank statements.
• Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order.
• Work with an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Cassandra Bl…, , Crystal Lake, IL
Fri Aug 23, 2013
Apply at above and read testimonials please.

Mobile app to browse homes:
100% of all MLS listings
0 votes
Joanna Weiss, , Chicago, IL
Thu Jul 25, 2013
I would be happy to help you with pre-qualificaiton for a purchase. Usually, the Realtors want to be certain that you have talked with a lender. There are also many first time homebuyer programs that offer down payment assistance. Joanna Weiss NMLS 230092 773-327-3580
0 votes
Jeffrey Olic…, Agent, Chicago, IL
Fri Jul 19, 2013
Hi K.U.,

Did you get pre-approved? Did you find a place?

Hope it went well. Let me know if I can help you.
0 votes
, ,
Fri Apr 12, 2013
In regards to credit you will need a middle fico score of 600 for us. However, if you have no credit at all and no scores it can still be financed by non-traditional credit sources. You would establish three bills that you pay monthly but are not on credit. You can use a gym membership, rent, insurance, xbox 360, netflix, phone bill, etc.

If you would like more information feel free to give me a call at any point 847-775-2181.

Chris Diamond
Diamond Residential Mortgage Corporation
0 votes
Sam Phill, , Kirkland, WA
Mon Jan 14, 2013
speak with some of the expert lender and realtors that can advice you. ask them the whole document list required. Go not for one agent in your area but also go for more as you can. In this time the property and homes are in great demand. You could surely make it count.
best of luck.
0 votes
Nicholas S N…, , Rockford, IL
Thu Jan 10, 2013
Good Morning K.U.,

As mentioned before, get with a lender asap to discuss your situation and get preapproved. It is important that you work with a lender who is experienced working with first time homebuyers and knows what down payment assistance programs... are available for you.

During the meeting credit will be pulled and you will then know what your score is and if you can qualify. FYI, your score could be high enough to qualify, but you may have collections, judgements... that would need to be cleared up before you can get a mortgage. That is why it is important that you speak with a lender immediately. This preapproval should be at no charge to you.

I am a licensed mortgage lender and have over 15 years experience in lending. If you have any further questions, or would like to talk to me about a preapproval, please contact me at the below email or phone.

Good Luck,

Nick Nelson (NMLS#384413)
1st Step Mortgage Group
815-289-0880 - Phone
nickn@1stepmortgage.com - Email
0 votes
Ivan Sagel, Agent, Chicago, IL
Wed Jan 9, 2013
Start pre-qualified buy a lender. I can recommend Sam Sharp with Guaranteed Rate (he responded below). Feel free to contect me to schedule a meeting to discuss the home buying process. I work with first time buyers all the time.

All the best,

Ivan Sagel
0 votes
Randall Lanc…, Agent, Chicago, IL
Mon Jan 7, 2013
Go to my website http://www.idealhomesinchicagoland.com. Look at my featured partners and I have 3 fantastic people that you can call and discuss your needs with. They wouldn't be on my website if I did not think that they could help you. When you are done discussing how to move forward with them, I would love to have the opportunity to show you the many properties that I have available on my website as well. Look forward to hearing from you.
0 votes
Thanks! I will contact them!
Flag Wed Jan 9, 2013
Josh Weinberg…, Agent, Chicago, IL
Mon Jan 7, 2013
I would recommend speaking with a lender and a Realtor that can assist you. They can give you an idea of what you should be looking at and help you understand the monthly payment.

If you have any questions, feel free to email me.

Best of luck with your search.
0 votes
Matt Laricy, Agent, Chicago, IL
Mon Jan 7, 2013
I would speak to a lender. They are going to need to see tax records, income, debt, etc.
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Mon Jan 7, 2013
Well you really want to talk with a loan officer but you are going to need
Credit ... All lenders are different but we start at a 600 minimum middle school
Income... You are going to have to make enough to be able to pay the loan and all of your other bills on credit.

A loan officer will be able to run the credit and then run your income ratios to make sure you qualify. The process is not all that difficult. Let us know if we can be of assistance,

Sean Cochran
Quality mortgage lending
0 votes
Ryan Gossett, Agent, Chicago, IL
Mon Jan 7, 2013
Good morning K.U. My advice is to get aligned with a REALTOR that has extensive experience working with buyers and take it from there. The agent you choose will be able to put you in touch with a great lender, and through the transaction, any other resources you need to make your purchase experience as smooth as possible. If you choose a different course you will likely find yourself doing things more than once.

If you would like to interview me for your search please don't hesitate to reach out via phone or email. 312-237-6600 or ryan@atproperties.com.


Ryan Gossett
Web Reference:  http://www.ryangossett.com
0 votes
K. U., Home Buyer, Chicago, IL
Mon Jan 7, 2013
In regards to credit, what are mortgage lenders looking for? What score, what type of history?
0 votes
Jeff Nobleza, Agent, Chicago, IL
Mon Jan 7, 2013
Contact Bernard Duganzik at 847 491 1855 as he is a great mortgage officer
0 votes
, ,
Mon Jan 7, 2013

You need three things: Decent income, decent credit, and some money in the bank. There ARE First Time Homebuyer Programs out there that could help you with Down Payment Assistance.

Please feel free to visit my website to fill out a complete, no obligation FREE Applicaiton, or call me (773-416-7107) with any questions or concerns.


Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
Web Reference:  http://www.mattbukovy.com
0 votes
David Hanna, Agent, Chicago, IL
Mon Jan 7, 2013
Vincent laid it out well. Get pre-approved BEFORE you get serious in your home search. This is the best way to negotiate comfortably and get the best price possible on your new home.
Good luck, we are not just saying it is a great time to buy, between price and rates, there has never been a better time to be a home buyer.
0 votes
, ,
Mon Jan 7, 2013
Hello K.U.
In Short most lenders will look at credit, Employment (where, how long, and how much) , and down payment
However you really should talk to a loan officer to go through the basics of a pre approval. Its free and there is no obligation.
I would be happy to help and answer any questions that you may have.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
0 votes
Joe Schiller, Agent, Chicago, IL
Mon Jan 7, 2013
a 2 year job history with income stability, good credit history, down payment
0 votes
Philip Sencer, Agent, Chicago, IL
Mon Jan 7, 2013
Income and a good credit report and a down payment are the very basics. Speak with a few lenders. They do not charge just to get an idea as to the loan process. My web site has some references. They will tell you their fee structure.
Once you see what sort of a loan $$ you can get and feel comfortable with it find an agent to set up a search to show you what you might get for that price point. My web site shows what I do for buyers.
0 votes
Manuel Brown, Agent, Chicago, IL
Mon Jan 7, 2013
Dear K.U.,

Very smart to get qualified upfront. Contact Mary Kay Laurent with Guaranteed Rate at 773-516-6859. Mary Kay is excellent when working with first time home buyers. No obligation or cost to you. What I will tell you even if it takes a year working with you Mary Kay will work with you.

Best of Luck,

Manuel Brown, Broker
iMove Chicago
0 votes
Sarah Ziehr, Agent, Chicago, IL
Mon Jan 7, 2013
Smart moves program! Credit score 640 minimum, income cap at $90k for a single person and you only need about 3% for closing costs. This is the equivalent to security deposit and first months rent in alot of cases.

Get in touch with me for additional information!

Sarah Z @ Jameson Sotheby's International Realty

312-339-4460 (text friendly)
0 votes
Smart Move actually is a 620 minimum for a qualifiable FICO score, some banks state that it needs to be a 640. However, on IHDA you need to have a 1% minimum investment into the property even when using Down Payment Assistance.
Flag Fri Apr 12, 2013
Search Advice
Ask our community a question

Email me when…

Learn more