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From House Hunter to Homeowner

FROM HOUSE HUNTER TO HOMEOWNER It's true that buying your first home can seem like an overwhelming process, but you can help make your journey from house hunter to homeowner a little easier by having the proper documents in order. Take a walk through this first time home buyer flowchart that can help answer questions about the kinds of documents you need to have prepared before you apply for a mortgage. START: DO YOU KNOW HOW MUCH HOME YOU CAN AFFORD? YOUR RENT IS A GOOD GUIDE to determine your monthly payment. YES NO EXTRA EXPENSES property taxes insurance maintenance TO REMEMBER: costs HAVE YOU DO YOU PERFORMED A CREDIT CHECK? HAVE 20% YES DOWN? GENERALLY, HOUSING IS about of your income. 30% YES NO VISIT DO YOU HAVE A GIFT OR INHERITANCE TO USE? TALK TO A LENDER ABOUT YOUR LOAN OPTIONS, including FHA/VA loans and mortgage insurance. TO SEE WHERE YOU ARE. YES DO YOU QUALIFY FOR S FIRST-TIME HOMEBUYER Is your SCORE 680 YES GRANTS? NO or higher? CONSIDER TAKING MORE TIME TO BUILD CREDIT by keeping a low balance on cards 2- years old and paying bills on time. PRINT OUT THE LAST 2 YEARS OF RETURNS for proof of income. YES NO Have more than 3 CREDIT ACCOUNTS open for 2. years? NO YES ARE THE BALANCES MAXED OUT? Time to collect your documents! DO YOU HAVE 2 YEARS' WORTH OF TAX RETURNS? YES NO NO YES GO BACK! INCLUDE ALL PAGES, even blank ones. Be sure to provide an EXPLANATION OF THE DEPOSITS in writing. CONTACT YOUR BANK or print out the last 2 months' worth of DO YOU HAVE 2 MONTHS' worth of bank statements? account statements. DO YOU HAVE ANY LARGE, UNEXPLAINED YES DEPOSITS? DID YOU INCLUDE ALL PAGES IN YOUR PAPERWORK, EVEN THE BLANK ONES? YES NO TIME TO TALK TO A LENDER about what you qualify for. START SHOPPING FOR YOUR FIRST HOME! BANK EWEST 2 E BNP PARIBAS GROUP A Equal Housing Lender. @ 2013 Bank of the West. Member FDIC. Loans subject to credit approval.

From House Hunter to Homeowner

shared by kristykorcz on Apr 23
This first time home buyer flowchart helps to demystify the home buying process. From establishing affordability, to credit scores, down payment information, and the proper documents you need.


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