WNY Metro Roberts Realty
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Hamburg, NY 14057

Qualifying for a Loan

Dated: June 3 2019

Views: 168

Qualifying for a Loan – What do I need to qualify?

Before you start searching for your new home, the first step is to speak with a lender and determine your budget. This is being pre-qualified for a loan. Second find a Realtor that is going to work for you as your Buyers Agent. Their are many reasons why this is important! Once you find the right home and your offer has been accepted, you have gone through attorney approval and your home inspection period, then your lender will order an appraisal of the property and complete your financing. If this is your first home purchase, or if it’s been awhile since you’ve purchased, understanding how to prepare for the qualifying process is the first step to success.

What do I need to qualify for a home loan?

When preparing for your meeting with the lender gather all the pertinent documentation and bring them with you. The lender will want to see 2 months of employment pay stubs and bank records as well the past 2 years of tax returns. After reviewing your income and savings, the lender will also order a credit report which shows all your recurring debt and payment history. This will be used to determine your ability to pay the proposed mortgage.

How does credit, down payment and income affect my ability to get a loan?

There are a variety of loan programs available. From 0% down VA loans to traditional 20% down loans, your lender will review all your options with you so you can determine the best program. Some government guaranteed loan programs, such as the VA or FHA, are more lenient with your credit score requirements as well as other qualifications, such as savings and income ratios. Qualifying for a home loan might feel overwhelming, but your lender can walk you through the process and requirements. After learning your options, you can make the best financial decision for your new home loan. 

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Dannielle Koerner

Buying or selling your home is a big decision. I’m committed to providing my clients with professional services based on my experience, knowledge and skills. Your success hinges upon the expert advi....

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