Before talking to your mortgage broker, there are a few things you’ll want to have in order and some questions you will want to have thought about to make the process go as quickly and smoothly as possible. We at Hunter Rowe have compiled a list of basic information you’ll want to consider.
Initial Contact
- What do you want your monthly payment to be? Use our mortgage calculator to look at payment options!
- Where do you want to buy?
- Do you have a house in mind? If so, your lender may be able to check for USDA location and pull specific numbers for taxes, HOA, etc.
- Do you own a home? If yes, how far is this home from your current home? The answer to this question tells the broker if the home you plan on purchasing must be considered an investment home, which require 20% down. Additionally, you can’t currently own a home and get a USDA loan – that loan type is considered an “only home” loan.
Income Verification
- Will it just be you, or you and your spouse? If so, does your spouse have an income?
- What is your GROSS monthly income? The broker compares this information to your monthly debts. Your cummulative monthly debts + housing expense must be less than 50% of income.
- If self – employed, how much income is shown on your taxes? The broker must use what is taxed if self-employed.
Before Pulling a Credit Report
- Do you have a credit card, and have you had it longer than 6 months?
- Do you know your credit score? If no, the broker will need to pull your credit.
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- To pull credit, the broker will need:
- Full Name
- Date of Birth
- Social Security Numbers
- 2 year history of address
- An email address to send the report
- To pull credit, the broker will need:
Initial Documents Requested with Mortgage Application
- A copy of driver’s license and social security card
- A copy of any retirement or investment statements
- 2 most recent monthly bank statements for all checking and savings accounts (all pages, including blank ones)
- 1 month of paystubs
- W2 statements and 2 previous years of tax returns if you have business income or unreimbursed expenses
- name and contact info of current insurance agent for your homeowners insurance (If you dont have one, we can refer to you someone!)
- A check payable to Alcova Mortgage in the amount of $450 for the appraisal, which can be mailed ($425 for USDA).
