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These days getting a mortgage is no easy feat.  It seems only the most extremely well qualified borrowers are actually finding success with them, at least in our part of the country.  Here are some helpful tips to keep in mind before you actually start the process.

1.)  Find out your Credit Score.

Good numbers are key here.  On an FHA loan with 3.5% downpayment you are required to have a score above 580.  FHA is one of the more readily available money sources and not all borrowers will qualify.  If your score is in the 500 - 579 range you will be looking at a minimum of 10% down with FHA Financing.  There are many other programs out there and you should see which one would fit your particular circumstances best.

2.)  Get your Documentation Ready.

You will need 2 years of tax returns, a few months of pay stubs and bank statements.  You will also need to list your assets and liabilities.  Compiling this in advance will save time and give you a more accurate dollar amount for your home search.

3.)  In most instances you will need to be employed at the same workplace for at least 2 years.

Don't make any hasty job changes if you are looking to purchase a new home.  Most lenders are looking for stability.

4.)  Don't make any large purchases before closing.

This is a big no no and can leave you homeless at the closing table when the bank does that last minute credit check.

These are just a few things to work on before you meet with your loan officer.  Being well prepared is key!

Janet Thomas, Broker

Venice Hometown Realty, LLC