Mortgage loan

Getting a Home Loan is actually very easy

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• published: 07 Oct 2013
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Many people think it's become harder to get a mortgage and buy a house in today's economy. Actually the opposite is true ... it's just a matter of providing some basic information for us to verify. Watch this video for details on what we require for most home loan programs. *** As a home loan originator, I get asked all the time; "Is it really that hard to get a home loan these days?" The answer to that is no ... IF you can prove what you earn, and prove what you have. Many people are under the false assumption that with the struggles the housing industry has had, and the lending guidelines getting a bit tighter over the years, that it has become prohibitive for them to even TRY and get a home loan. But the opposite is true! Throughout all the guideline changes, the documentation process has actually gotten a lot easier, and most home loan programs will require all the same documentation from a prospective buyer. Here is a list of the most common items we will ask you for when you want to get pre-approved on your next refinance or home purchase loan: 1. Must Prove Income This basically means supplying W2's and tax returns for the last 2 years, as well as pay stubs from the last 30 days. We will analyze them and look at your tax returns for write-offs you have, rental property income, or even self-employment income on those returns. 2. SSA/Pension Award If you receive social security administration income or pension income, we are going to need some kind of award letter to show the amounts you received. 3. Self Employment Records Now, if you are self-employed and own more than 20% of your business, we will need your business tax returns as well. (any 1099's and/or K-1's) That's not necessarily a bad thing -- again, there are many write-offs you may have taken that we can add back into your income, depending on the circumstances. Now, I said you have to prove what you have as well. If down payment funds are required for your home purchase, we will need to see those in your accounts. We will need: 4. Assets Bank statements from the last 60 days Retirement account statements from the last quarter (401K, IRA, etc) Many home loan programs allow you to use "gift funds" for your down payment, such as money from a family member, or close relative with a documented relationship -- and if that's the case, we have a process for documenting and proving the source of those funds as well. Banks are going to want to know where the money came from in your account that is going to be used for a real estate transaction, as that is the current law. We will also need information on your property. If it's a refinance transaction, we'll ask for your: -Current mortgage statement -Property tax bill -Homeowners insurance declaration page -Rental property lease agreement (if applicable) If you are buying a home, we will need: -Sales agreement -Escrow details -Homeowners Insurance (you get to choose, so just get us the name and phone number) There are unique situations that apply to many people. If you've had gaps in employment in the last two years, or maybe a job change 6 months ago; that is not necessarily a disqualifier! If you write us a good Letter of Explanation, and you can show your history through current pay stubs, or show your job change with proof of your income continuing through, that's going to be fine. Maybe you got laid off and had a short gap, that's going to be ok as well -- we will just need you to explain that. If you have been through a divorce, pay child support, or other unique situation like that, we will need proof of that in the form of a judge-signed decree as well. And finally, we are going to pull a credit report. So if you have multiple addresses showing on it from moving around, or maybe you have an alias such as a name change when getting married, we will need a bit of explanation on that too. This all may sound like a rather lengthy list, but it's really not! I've got the list posted on my website, www.GoNorthwestLoans.com just look for the button "Items Needed for Your Loan Application". If you can supply all this information to us up-front, then when you actually proceed with your home purchase, all we are going to need to do is make sure what we have in your file is updated, and we're ready to go! It's really that simple, and will apply to just about ANY home loan program! Questions? Call me at 503.698.5801, or visit my website and www.GoNorthwestLoans.com.