Home Buyer's Checklist

When it comes to buying a home, there are a few things you want to make sure you have in order before doing so. Don't get too worried, it's not as bad as you think.

In order to help you have all your "I's" dotted and "T's" crossed, here is a checklist to get you going. The checklist breaks down what you'll need as it relates to finances, building your real estate team, and the documents to support your finances for the bank.

First things first, you want to check your credit score and report to see what's on there. If you have a great lender, they'll assist you with getting prepared to purchase if your credit rating is low. Me, personally, I also work with a credit specialist that helps assist my clients with getting their credit ready to purchase a home.

Once you know your credit score and have examined your report for accuracy, you then need to go get pre approved by a lender of your choice. It's always a good idea to get approved with a bank you already have a good relationship with, but is not required. If you aren't sure of where to go get pre approved, ask your real estate agent/realtor. Usually we have preferred lenders we work with as well.

After your credit has been reviewed, be sure to maintain it and start saving up for your down payment and closing costs. **check here to see if there's down payment assistance in your area**

Now it's time to build your team...

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Check your local real estate agencies to find you a real estate agent or realtor. Once you've hired your agent, then it's time to meet with your lender.

This last step is where a lot of people get overwhelmed, but if you're one to keep up with your records, it wont be an issue for you.

What you'll need in order to assure the lender that you're ready to buy a home and can repay back the loan without any issues and/or default.

The lender will ask for a statement of all your debts. This also can be seen on your credit report as well as it will show all the accounts you have out there along with their balances. This help gets to your debt-to-income ratio.

Next, they'll need your driver's license to identify you as well as your resident history in the last two years. It's always a good practice for your driver's license to have the same address as your residence.

Now it's time to show your actual income. You'll need to provide your lender with at least 2 years of your W-2s. If you're self-employed, you may be required to provide a little more information.

Also, you'll need to bring your last 60 days of paystubs. Again, if self-employed, you'll need to show your bank statements of income coming in consistently.

Having your taxes filed and current is an absolute MUST. I can't stress that enough. I've had a few clients to have all their other paperwork, but haven't filed their taxes in years. You will not be able to qualify for a house if your taxes aren't current. You would have to file all your previous and current taxes and pay off any tax debt owed or be on some sort of repayment plan in order to get qualified for a house. This is also the same as it relates to student loans as well.

Lastly, you will need to have your bank statements for the last three months, if you're a W-2 employee. Self employed home buyers may have to provide more.

As always... Happy house hunting.