• Here’s what you’ll need to get started
• Employment history for the past 2 years
• Residential history for the past 2 years
• Outstanding balance of any current debt (such as student loans or car loans)
• Social Security Number
• Pay stubs from the past 30 days
• W-2s for the last 2 years
• Bank statements for all financial accounts


• If you have a rental property:
• Most recent 2 years of tax returns with all schedules and the current rental agreement


• If you are self-employed or receive a 1099:
• Most recent 2 years of tax returns with all schedules and year-to-date profit and loss statement and balance sheet


• If you are commissioned:
• Most recent 2 years of tax returns with all schedules and year-to-date employee business expenses

• The cost of buying a house includes:
• Credit report
• Down payment
• Home appraisal
• Home inspection
• Termite inspection
• Required for all VA loans
• Origination fees
• A fee for processing a new loan application. It’s compensation for putting the loan in place. Origination fees are quoted as a percentage of the total loan.
• Closing costs on the loan
• Closing costs are fees paid at the closing of a real estate transaction. The closing is when the title to the property is transferred to the buyer. Closing costs are incurred by either the buyer or the seller.


• Your monthly payment will include:
• Principal – the amount you are borrowing
• Interest – the interest on the amount you are borrowing
• Taxes – paid to the tax agency by the lender
• Insurance – Homeowners insurance
• Private Mortgage Insurance (PMI) if applicable.

Before you look for a house is the best time, but the sooner the better.

Buyers who are pre-approved for a loan are preferred by sellers because they can move faster than a buyer who is not pre-approved. Without pre-approval, an offer is contingent on securing financing. This gives the pre-approved buyer an advantage in a hot real estate market.

With pre-approval, BFG will tell you how much of a loan you qualify for. This helps you refine your search to homes that are in your price range.
Remember, there is no cost for pre-approval.

If you are a veteran, active duty, reservist or the surviving spouse, you may qualify for a no down payment VA mortgage loan.

We have a variety of loans that fit individual circumstances. Typically, the more down payment you can make, the better the loan terms. If you don’t qualify for a VA loan with no down payment, the minimum down payments start at:

• 3% down for a first time home buyer, 15 and 30 years (HomeReady® Mortgage)
• 3.5% down for an FHA loan (10-30 years)
• 5% down for a conventional fixed rate mortgage (10-30 years)

Maybe. We have multiple mortgage products that allow gifted money to be used for a down payment.

Depending on your situation, either could be the best for you.

An ARM provides a low interest rate for a limited time. After that time, the interest rate changes for the remainder of the loan. The risk of an ARM is rising interest rates. ARMs have initial terms of 1, 3, 5, and 7 years.

A fixed rate mortgage means that the interest rate is fixed at a specific rate for the life of the loan, regardless of rising or falling interest rates. Terms range from 10-30 years.

PMI stands for Private Mortgage Insurance. If your down payment on a conventional loan is less than 20%, you will be required to get Private Mortgage Insurance. You can get PMI removed from your mortgage once the equity in your home reaches 20%. This will lower your mortgage payment.

If you have an FHA loan, PMI remains on the loan for the life of the loan, regardless of equity.

A second mortgage is a lien on a property which is subordinate to a more senior mortgage or loan; the second mortgage falls behind the first mortgage. This means second mortgages are riskier for lenders and generally come with a higher interest rate than first mortgages.

Getting a new mortgage to replace the original is called refinancing. Refinancing allows a borrower to obtain a better interest term and rate. The first loan is paid off, allowing the second loan to be created. For borrowers with a perfect credit history, refinancing can be a good way to convert a variable loan rate to a fixed rate, and/or obtain a lower interest rate.

FICO® Scores are the credit scores most lenders use to determine your credit risk. You have FICO® Scores from each of the three credit bureaus—Experian, Equifax and TransUnion. Each score is based on information the credit bureau keeps on file about you.

Your FICO score is the first thing a mortgage lender will check when seeing if you qualify for a loan. It is the most important factor when applying for a loan. The minimum credit score you need to purchase a home will depend on the type of home loan you qualify for.

You can get one free credit report from each of the three major credit bureaus (TransUnion, Equifax, and Experian) once every 12 months from www.annualcreditreport.com. However, this site doesn’t provide FICO® Scores.

If you want to see the same FICO scores that your lender is using they must be purchased. MyFico.com is the only place where you can purchase your FICO score.

• Shirley and Cory are eager to hear from you!
  
  Shirley Armstrong
  Vice President of Mortgage Lending
  330-374-2990 x2500
  [email protected]
  MLO #491855
  
  Cory Williams
  Mortgage Loan Specialist
  330-374-2990 x2438
  [email protected]
  MLO #426446











































 
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