Step 1: Loan Application

Step One Determines:

  • What price range of homes you can afford
  • What your monthly payment would be
  • How much a lender will give you based on:
    • Income
    • Debt 
    • Credit Score
    • Employment History
  • Which loan program is best for you

The following documents may be necessary in completing your loan approval process.

  • Federal tax returns from the previous two years.
  • W-2 forms from the previous two years.
  • A paycheck stub for the past 30 days that shows your name and Social Security number, the name and address of your employer and your year-to-date earnings.
  • List of your current debts including student loans, car payment, credit cards, along with the minimum monthly payment and the balances. 
    • Also, you can get a free credit report at freecreditreport.com. 
    • If you have sub-par credit you may contact Shannon Hart at (817) 832 - 9140 for inexpensive credit repair from someone I've worked closely with for over 13 years. His email is shannon@candccreditrepair.com.
  • Investment records including
    •  Mutual fund statements or stock certificates. 
    • We do not need all your asset statements, just enough to source the down payment and liquid assets (usually 2 months of payments) after closing.
  • Canceled checks indicating rent or current mortgage payments (statements will suffice on the mortgage).
  • Documents to show any other sources of income, which could include: 
    • Military pay 
    • A second job 
    • Overtime 
    • Commissions and bonuses
    • Interest and dividend income 
    • Social Security payments
    • VA and retirement benefits 
    • Alimony or child support.

This is the first step in the mortgage loan process.  Using one of our calculators, we'll get you a good idea of what kind of terms and loan programs you can expect to benefit most from.