READY TO PURCHASE A HOME? HERE'S WHAT YOU NEED FOR THE LOAN

The loan process can be a monstrous experience for most first time buyers. Many lenders have different pre-qualification standards and a seemingly endless process to take you through.  However, with a little credit knowledge and preparation before you speak with a lender buying your first home can be a breeze.

Here are the basics most lenders will ask for on your initial meeting.

  * Most recent 30 days worth of pay stubs, 
  * Last 2 years of w2 or tax returns for the self employed
  * 2 months of bank statements of all your accounts
  * Copy of your social security card and drivers license 
  * Name and contact information for your landlord or leasing center
  * Your debts and assets

This information aids the lender in knowing your maximum purchase price, your debt to income ratio and if you are able to purchase a home at this time. If you are unable to purchase at this time they are able to assist you by giving tips and pointers on what you need to do now to buy in the near future.

A few tips about your credit -
* Even if you have paid an account in full it is not removed from your payment history.
Collections accounts can remain on your account for 7 years from the date of the accounts last activity.
Credit accounts paid as agreed by you can remain on your history for up to ten years. For those accounts you have defaulted on they may be seen for as long as 7 years.
Courthouse Records vary in the amount of time according to the account. Judgements with the exception of a few are 7 years form the date filed.  Bankruptcy chapter 13 can remain 10 years from the date filed whether the are non-discharged or non-dismissed.  Chapter 7 and 11 may remain 10 years after the date filed.
Tax liens that are paid remain for up to 7 years and unpaid tax liens are indefinite

One of the most important things you can do is safe guard your credit. Pull your credit history once a year to make sure it is in good standing. Georgia residents are allowed one free report each year by going online to one of the credit bureaus and answering a few personal questions. Or you can have your credit report mailed to you.

You can order your annual credit report at www.annualcreditreport.com
or call


Equifax:1-800-685-1111; equifax.com 
Experian: 1-888-397-3742; experian.com
Trans Union: 1-800-916-8800; transunion.com



If  you would like to know more about the loan process and would like to speak with a licensed lender about what you need to do to get started give me a call and I will be more than happy to help you find one.
As always call to sign up for our newsletters helpful tips and great information and the best part is it's free.

Morrishia Dooley
Belpointe Real Estate Company
678-886-8353
dooleymorr26@yahoo.com
www.belpointerealestate.com