How Do I Qualify for a Home Loan?

Qualifying for a home loan may be easier than you think. In most cases, a 15 to 30 minute call can provide you with initial approval.

During the call, the mortgage loan officer will collect information from you required to determine your eligibility to purchase a home. Below are some of what the loan officer will need:

Name, Social Security Number, and Date of Birth
Current Address – Need to establish where you’ve lived for last two (2) years
Employment History – Need at least a two-year work history
Income – How much you make per month and sources of income
How much you have available for down payment and closing costs
Ideal price range for the home and monthly payment you’re comfortable with
Permission to pull credit and verify your current monthly payments

Once this information is gathered, we can determine a loan program that works best for you and also determine the likelihood you would qualify for a home loan. At the point of pre-qualifying, we give you the go-ahead to start shopping for a home. You’ll be armed with the knowledge of a price range and approximate monthly mortgage payment to plan for. Once you find a home and get it under contract, we’ll need documentation of the information previously reviewed during the pre-qualification process:

State issued identification and copy of your Social Security Card
Employment Verification – including most recent 30 days of pay stubs, two (2) years of W-2s, last two years of tax returns, and Verification of Employment (VOE) with your employer
Income from sources other than employment (Social Security, Retirement, Child Support) will need to be verified – Click here for examples of verification options
Retirement Income – Letter stating how much you will receive and for how long

Social Security – Most recent award statement from the Social Security Administration

Child Support – Statement of Child Support from divorce decree showing the amount you will receive and for how long
Verify funds for down payment and closing costs via two most recent months’ bank statements (NOTE: Funds will need to have been in in the bank for at least two months. For more recent deposits, documentation of the source of the funds will need to be provided.)
If someone is gifting money to you for the down payment, a Gift Letter is required to verify the funds are a gift and not a loan that needs repaid

This process may seem complicated, and can appear to be a long list of documents needed, but your loan officer will be there every step of the way to answer any questions and explain the process. Legacy Mortgage Group takes pride in making this process go as smoothly and quickly as possible. We take the time to listen to you – the client – and find the best loan program for your specific needs.