Buying your first home can be very exciting, but we
understand the stress that can also accompany this excitement. At AddieMac.org, we are very experienced with first time home buyers, and we have a
variety of mortgage options for you to choose from:
WHO CAN UTILIZE FIRST TIME HOME BUYER PROGRAMS? Contrary
to what you may expect, many first time home buyer programs are available
to previous home owners. Most programs specify that you can't have owned
a home in the past three years
As a new home buyer, you may have many questions regarding
your next step in securing the financing for your home purchase. It pays
to comparison-shop for a home loan; and, one option, of course, is using
AddieMac.org to shop over 160 available programs.
To expedite your loan application process, below
is a list of documents to gather together and have ready for your underwriter
after you apply online.Apply
Now
Original Sales contract and verification of the acceptance
of earnest money.
Social Security Cards and Picture ID (such as Driver's
License or Military ID).
Residence addresses for the past 4 years with landlord
addresses, if applicable.
Name and address of employers for the past 2 years
with W-2's, 1099's, etc.
Last two pay stubs showing gross monthly salary and
deductions.
Names, addresses, account numbers and balances of
all checking and saving's accounts.
Most recent statement of all checking, savings, investments,
IRA, etc. accounts.
Names, addresses, account numbers, balances and monthly
payments on all open charge
accounts.
Addresses, loan information and lease agreements
on all other real estate owned.
Estimated value of furniture, clothing, jewelry and
other personal property.
Both face value and cash value of life insurance,
retirement accounts, profit sharing accounts.
If you are self employed: 2 year tax returns with
all schedules, year-to-date profit-and-loss statement with balance sheet
by a CPA. Note: Profit- and-loss income is included in qualifying only
when the applicant pays quarterly taxes
Self employed borrowers may also elect to use
24 months bank statements to document their income.
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