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Main Street Realty has access to over 100 different lenders!
See a list of some of our services
Financing a Home
The buyer needs to visit a lender or mortgage broker to get pre-qualified or pre-approved for a mortgage to determine how much home he/she can afford. This qualification not only gives you the security of shopping for a home you can afford, it also prompts the seller that you are a serious buyer when submitted with the purchase agreement. Mortgage brokers and lenders will acquaint you with the various mortgage programs available and advise which programs will fit your needs best based on your current financial position and future plans with that given property.
The pre-approval is subject to verification of credit, income, employment, appraisal, title report and a survey of the property by the selected lender who is offering that particular program that the buyer has chosen..
Mortgage Brokers commonly need following items:
- A current credit report from a major credit report agency that is no longer than 90 days old.
- A copy of 2 years tax returns and/or W-2's with the 1040’s attached.
- A copy of (1) month pay roll check stubs.
- Three month’s of statements including all liquid assets that you may have Checking Acct, Savings Acct, IRA Acct, CD Account, Money Market Acct, 401K Acct, Etc. (If you are considered self-employed 12 months of all statements will be needed).
After all your income documentation has been accounted for the next step for the mortgage broker is to pull and examine your credit report which will identify all of your current debt such as credit cards, auto loans, mortgages, etc. Once when your monthly income and your projected debt with your new mortgage payment are calculated (debt to income ratio or D.T.I) this will determine what type of path the mortgage broker can take.
There are different paths that a borrower can take however it revolves around their financial portfolio including Fico Scores, Liquid Assets, Trade lines, Payment History and Debt to Income Ratios.
The different paths consist of the following:
- Full documentation Loan
- Stated Income Verified Assets
- Stated Income Stated Assets
- No Documentation/No Ratio
After the mortgage broker takes your loan application and analyzes all of the above documentation, he/she will put a loan package together and submit the package to lenders that have the programs that the borrower feels comfortable and confident with after having a full understanding of the loan that he/she may choose.
After you are satisfied on the type of loan and the monthly payments, now you are ready to look for the house in the area you like with the amenities you will need in a home that is affordable for you.
To get started on your loan qualification give us a call today for a free loan consultation at 925-382-6298 or 925-351-9207 or 925-679-8367.
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