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Los Angeles First Time Home Buyer-Be Prepared

By Pasadena Short Sale Agents Pasadena Short Sales

Real Estate Agent with Munson Realty Southern California Real Estate

March 14, 2011 04:56 AM

Los Angeles First Time Home Buyer-Be Prepared! Luis Montejano, First Time Buyer Specialst, offers these tips to prepare Los Angeles Home buyers for the Loan Approval Process. First time buyers today should be aware the financing process by nature has changed from 3 years ago. The documentation can be overwhelming but if they turn the items in early, things will usually run pretty smoothly. Keep these tips in mind.

Deposits always have to be paper trailed all the way to their source. Yes, it's cumbersome but if the client can't prove the source then that account and the money can't be used
Cash Deposits are like death. This is the biggest pain for Lenders, having to chase down multiple deposits from multiple accounts. The ideal situation is someone who has an account with no money movement....or only just depositing their paycheck and regular spending habits.
Consistency in Work History- Clients must demonstrate beyond a doubt that their income and job have consistency and a history.
Tax Returns-if you haven't filed your tax returns for the last 2 years (W2's and/or 1099's also) or turned them in for review....nothing is 100% guaranteed.

The Pre Approval-Pre Qualification process has gotten a bit stickier. These 4 points are common "hang-ups" that can hold up your purchase or ultimately cause you to Not Qualify for the home loan.

Having these items ready to go from the beginning will help save you from potential grief. You must be Armed and Ready to participate in this market!

About Luis Montejano: Luis Montejanos dedication to detail and passion for homes is what sets this Realtor Coach aside from the rest. Los Angeles First Time Home Buyers will appreciate Montejano's admiration for architectural design and ethical business practices make him a stellar advocate when looking to buy a home in Los Angeles. Luis is also well versed with FHA and REO (bank owned,foreclosure) properties.