Getting Approved For A Loan

Be Prepared - Understand the Process!

Applying for a home loan for the first time can be overwhelming and intimidating. Hopefully the information we have provided on our website will help ease some of your anxiety and fears about the process. Remember, be prepared and everything else will flow smoothly! Getting approved your home loan for the first time can be confusing and a bit overwhelming. Here are some tips to help you prepare for the process. 

What kind of Loan should I apply for?
Here are the most common types of home loans that are available today for home buyers. Consulting with a professional, reputable loan office is the most important thing you can do when buying a home.

FHA and VA Loans:

The Federal Housing Administration (FHA) loan programs are designed with all types of buyers in mind. With as little as 3.5% for a down payment and moderate requirements to qualify, these loans can be very attractive for homebuyers. In addition, the Department of Veterans Affairs (VA) offers zero-down mortgage programs for those who are active or retired service personnel in the U.S. military. With this program, there is no private mortgage insurance.


Conventional Loans:
Most conventional loans will require a down payment of 5% to 25%.  The qualifying requirements for these types of loans vary based on several factors. To learn more about the conventional loan programs available today, you should speak to a qualified loan officer. 

Fixed-Rate Loans:
Fixed-rate home loans insure the loan is at a fix interest rate for the life of the loan. Home borrowers have the peace of mind knowing their monthly payment will not change due to a change in the interest rate.


Local Home Buying Incentive Programs:

There are local and state home buying incentive programs available to home buyers, such as grant, bond money or NSP (Neighborhood Stabilization Programs) which helps home buyers with very low down payment options. HUD also offers the Good Neighbor Next Door Sales Program for Law enforcement officers, teachers, firefighters and emergency medical technicians.

What do I need to make Loan Application?

Being prepared before you meet with a loan officer will help you create a rewarding home buying experience. Here is a list of the most common requirements you will be asked for when applying for a home loan:

  • Date of Birth
  • Social Security Number
  • Proof of Income (at least 2 paycheck stubs)
  • Tax Returns (2 years of filed tax returns)
  • Copy of W-2 forms from your employer
  • Bank Statements (2 months of current bank statements on all your accounts)
  • Gift Letter (if you plan to use gift funds for your down payment)
    *Depending on your personal situation, you may be asked to provide additional or different documentation than seen here* 

Are you ready to start your loan application process? Click here now!