Zillow Advice: Buying Process - How to become pre- approved for first time home buyers? http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ Zillow Advice | Zillow Real Estate Congrats on starting the ... http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ Congrats on starting the home buying process! The next step is to not only find a realtor, but to speak with a lender that best fits your situation. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. Here a list of things to pre-qualify for a traditional loan.<br/><br/>1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages)<br/><br/>2) Credit Report which they will pull (Scores as low as 580 can be accepted for certain loans)<br/><br/>3) Employment History or Business Tax Returns if you're Self Employed<br/><br/>4) Personal assets such as:&nbsp;Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have.<br/><br/>These are just a few things you should have ready when you begin your buying process. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home.&nbsp;If you have any further questions or if you would like a loan, feel free to contact me.<br/><br/>Good Luck! Fri, 31 Jan 2014 22:08:00 GMT http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ 2014-01-31T22:08:00Z Hi,First of all, congratulations ... http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ <br/>Hi,<br/><br/>First of all, congratulations on your upcoming marriage! &nbsp;Like I tell my clients, becoming a homeowner requires you to not just be financially ready, but emotionally ready as well.&nbsp;Learning as much as you can about the home buying process as well as where you want to live will help you feel confident that you can do this and will be holding the keys to your first home one day.<br/><br/>The homebuying process can be overwhelming at times, after all it's probably the biggest investment you'll ever make. As for myself, I would have never made it through the process without my own realtor guiding me through every step of the way...Now that I am a realtor as well, I break it down for my clients into steps:<br/><br/>1.) Find a realtor you trust and communicate to them what you need/want in a home<br/>2.) Get a pre-qualified with a lender you (and your realtor trust) so you know how much home you afford<br/>3.) Gather and bring in your documents (taxes, pay stubs, bank statements, etc.) to the lender<br/>4.) Start seeing homes with your realtor<br/>5.) Your realtor will take it from there in terms of writing offers and escrow.&nbsp;<br/><br/>Good luck and hope you and your fiance are homeowners soon! Thu, 30 Jan 2014 00:46:00 GMT http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ 2014-01-30T00:46:00Z [self promotion deleted by ... http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ <em>[self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]</em> Wed, 29 Jan 2014 18:15:00 GMT http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ 2014-01-29T18:15:00Z My first suggestion would ... http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ My first suggestion would be to check your credit report, by federal law you can get a free copy each year at www.annualcreditreport.com. &nbsp;Use this to determine your credit is being reported accurately, and if not each of the three agencies have online mechanisms for reporting errors. &nbsp;You will want the errors corrected before applying for a loan and this could take 30-45 days. &nbsp;You may also want to pull a "fako" score from a site like creditkarma.com (i've personally used them in the past, its about 85% accurate to a real score) &nbsp;this will at least get you in the ball park when talking with a lender. &nbsp;With this information a lender can give you a rough idea of the plans you would qualify for.<br/><br/>You also want to start compiling your financial data, keep all check stubs along with records for any unusual deposits (especially if you are getting married and anticipate gifts). &nbsp;Since the patriot act all lenders are required to account for cash used in acquiring a loan. &nbsp;Be prepared ahead of time or this could delay your processing and impact your closing.<br/><br/>I would suggest creating a budget and determining how much home you feel you can afford, make sure to take into account unforeseen expenditures. &nbsp;Even today with the number of foreclosures recently banks will often pre-approve for more than would allow one to live comfortably.<br/> Wed, 29 Jan 2014 14:38:00 GMT http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ 2014-01-29T14:38:00Z Congratulations!&nbsp; The ... http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ Congratulations!&nbsp; The best thing to do is contact a few lenders, explain your situation and they will ask you some questions to help determine what type of loan will work for you and what you may be able to afford. Next you should then interview realtors to help you find a home.&nbsp; It is usually best to speak with the lender first so that when you find a home you like, you are prepared to act.&nbsp; Good Luck. Wed, 29 Jan 2014 14:38:00 GMT http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ 2014-01-29T14:38:00Z Hi Gary, congrats on your ... http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ Hi Gary, congrats on your engagement and in deciding to buy a home! Pre Approval is the first step. If you would like a referral in your area, I am happy to provide one - feel free to email me through my profile. Best wishes! Wed, 29 Jan 2014 05:51:00 GMT http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ 2014-01-29T05:51:00Z Gary you should shop around ... http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ Gary you should shop around for the best loan. &nbsp;Most banks and mortgage brokers have comparable programs but if you take a deeper look at mortgage brokers like Prime Lending, New American Funding, etc. you will find they more programs to offer to get you a great loan. &nbsp;Should you choose to go with a mortgage broker I suggest a direct lender. &nbsp;Typically the transactions are a lot smoother with them and they can work things out faster, whenever a delay/dilemma arise. &nbsp;Through Zillow you should be able to look a lender profiles. &nbsp;Sometimes looking a the agents profiles you can see the agents preferred lenders as well. &nbsp;It makes this easier when you select an agent and a lender that work well together so that the communication flows smooth.<br/><br/>First step of buying a home is to obtain your pre-approval from the lender. &nbsp;A pre-approval will require that you submit financial documents like bank statements, tax returns, etc. Some lenders will offer a pre-qualification, this won't be enough to get you going. &nbsp;Once you have your pre-approval you can notify the agent. &nbsp;If you chose a lender and agent that work well together, they might have communicated already. &nbsp;Once the agent has the pre-approval the agent can begin showing you homes based on the characteristics, price and location that you have expressed interest in.<br/><br/>This will be an exciting time for you both, good luck. AND Congratulations on your engagement!!! Wed, 29 Jan 2014 05:34:00 GMT http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ 2014-01-29T05:34:00Z Check out lenders on here ... http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ Check out lenders on here an dead reviews. Click on them to get pre-approved Wed, 29 Jan 2014 05:17:00 GMT http://www.zillow.com/advice-thread/How-to-become-pre-approved-for-first-time-home-buyers/526315/ 2014-01-29T05:17:00Z