What type of loan do I need to buy a home?

What type of loan do I need to buy a home? What is a mortgage? What do I need to know about a down payment? Greta A. - Pampa, Tx

Greta,

Step 1. Fill out a mortgage application

Step 2: Review Loan Estimates

Step 3: Choose a lender

Income Items

• W2 forms for the last two years

• Pay stubs covering a 30 day period

• Federal tax returns (1040s) for the last two years, if:

  • you are self-employed

  • earn more than 25% of your income from commissions or bonuses

  • own rental property

  • or are in a career where you are likely to take non-reimbursed business expenses

• Year-to-Date Profit and Loss Statement (for self employed)

• Corporate or partnership tax returns (if applicable)

• Pension Award letter (for retired individuals)

• Social Security Award letters (for those on Social Security)

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#Homeloan #newhome #mortgage