The Real Estate Market
If you are completely serious about purchasing a home, your first critical step is to find out if you qualify for a mortgage loan.
Lenders might ask you for what it looks like to you, a mountain of paperwork, but is not as hard or tedious as it seems.
Why do sellers ask for this pre-approval? Most sellers like to know the buyer is serious and already has financing secured to purchase the home.
You might be asking yourself, well, what is a mortgage pre-approval anyways? According to investopedia: A mortgage pre-approval is a statement from a lender that says you are qualified to borrow up to a certain amount.
Another important point to know is, there are several types of mortgage loans available depending on your financial situation. Lenders take into consideration factors they would consider for a traditional mortgage, this includes your debt to income ratio and your credit score. The better your financial situation looks, the more you will be pre-approved to borrow.
Viamar Homes offers clients the opportunity to purchase a Luxuriously Affordable Home directly from us, the developer. We provide excellent incentives to all our home buyers.
Here’s a basic check list of documents that lenders will ask you for in order to qualify you for a loan amount:
Pay stubs for the last 30 days
Last two years of federal tax returns
Last two W-2s
Proof of any additional income (second jobs, social security, alimony, etc.)
Identification (one of these, which you will need to show in person)
Other state- or federal-issued ID
Last two statements on all bank accounts — be sure to include all pages, even blank ones
Statements for all investment and/or retirement accounts
Contact information for your landlord(s) for the last two years, if applicable.
Divorce decree, separation agreement, and/or property settlement agreement, if applicable.
These requirements may vary depending on the type of loan you are qualifying for, check with your Mortgage Lender for further assistance.
When purchasing a home from us you will have a variety of home sites to choose from and we will be able to work with you regardless of your credit.
We have also partnered with a local mortgage lender, our preferred company, that will help you once you have found your Dream Home location.
Viamar Homes prides itself for providing a very exciting and practical floor plan to suit everyone in the family ( check out the floor plan in our website).