First Time Home Buyers

First Time Home Buyers

Purchasing a home is one of life’s major landmarks and for some, it is even a dream come true.

At AMEC we understand the magnitude of this decision and it is our goal to make your transition into home ownership unforgettable.

When you begin to seriously consider purchasing a new home it is important that you follow some simple steps to make sure that the process runs smoothly.

The first thing you should do is an analysis of your debt to income ratio. This important step will let you know what type of home you can afford based on your monthly income and expenses.

The next important step in purchasing a new home is to get pre-approved for a home loan. The peace of mind that comes with knowing that your mortgage loan and credit report have been pre-approved will allow you to shop for your new home with confidence. And when you find a home and are ready to make an offer the fact that you have already been pre-approved for your loan amount will give the seller confidence in you as a buyer.

The power of a Pre-Approval...

There is a world of difference between a "Pre-Qualification" and a "Pre-Approval".

Pre-Qualifications is based on verbal information you provided to your lender. After evaluating the information, your lender can provide you with a good estimate of what you qualify for.

Pre-Approval is based on actual verification of the verbal information you provided. An official loan application is completed, credit is reviewed, and income and assets are verified.

Getting Pre-Approved early in the process allows you to move quickly once you have found your dream home. Obtaining a Pre-Approval first put you in the best negotiating position for an accepted offer.

Loan Document Checklist

Use this checklist to make sure you have everything you need to start your loan application process:

  1. 2 years tax returns with all schedules
  2. 2 years W2's, 1099's and K1's
  3. Most recent pay stubs (30 days) and/or verification of retirement income
  4. 2 Months bank statements – all accounts & all pages (checking, savings, retirement, and investments accounts)
  5. Explanation of any large deposits – excluding payroll
  6. Explanation of any derogatory credit
  7. Explanation of any credit report inquires
  8. Divorce decree and/or Separation Agreement (if applicable)
  9. Bankruptcy discharge papers (if applicable)
  10. VA DD214 & COE (if applicable)
  11. Social Security award letter (if applicable)
  12. Copy of business license if self employed
  13. Mortgage statement, insurance declaration page, property tax statement for all properties owned
  14. Rental agreements for all rental properties owned
  15. Copy of driver's license

This is a good list of everything we will need to eliminate surprises during your loan process. However, additional items may be requested by the underwriting team.

10 Do's and Don'ts of the Mortgage Purchasing Process

  1. Don't apply of any new credit of any kind
  2. Don't overcharge or max out existing credit cards
  3. Don't consolidate debt into one account
  4. Don't make ANY large purchases
  5. Don't make ANY large deposit into your accounts
  6. Do keep all existing cards open
  7. Do maintain your current employment
  8. Do payoff collections, judgments and tax liens that report within the last 12 months
  9. Do stay current on all existing accounts
  10. Do call AMEC – We are here to help you through the process!

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