I am sure you have heard the news that mortgage approval has become difficult in today's real estate market.
If you bought a home prior to 2007, when mortgages were given to just about anyone with a pulse and a credit score then getting a mortgage in today's real estate market will seem difficult.
So here is the "skinny"..... Mortgage Approval is EASY if you have all ducks in a row....
Duck 1- Work with a local and knowledgeable loan officer. Call your FHA Mortgage Lender @ 703-497-3936.
Duck 2- Gather W-2's and Tax Returns with all schedules for two years.
Duck 3- Provide your pay stubs for a full thirty days. (no gaps)
Duck 4-Submit bank statements for two months with all the pages. Make sure your name and account number are showing on the statement. (With the increase in online banking this has actually become difficult for some who no longer receive paper statements)
Duck 5- Be able to explain any large deposits outside of your normal payroll such as bonuses, child support, tuition refunds. Also be able to show the proof of each item such as check stubs, gift letters, or child support order, etc.
Duck 6- If you had credit challenges in the past, write a detailed explanation about the (negative) accounts and any steps taken to not happen again.
If you follow these steps and work with knowledgeable, local loan officer, mortgage approval will be EASY....
Ready to get started? Contact your Woodbridge Mortgage Lender for a no- obligation credit and income consultation.
Remember, never find your new home without first finding you new loan!
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