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Advice on first-time mortgage


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We live in the house I grew up in. It's not in the best of shape. We have zero interest in staying here much longer. We went to an open house showing (out of curiosity) this weekend and the house is so great! It would be almost perfect for us. So next step, applying for a mortgage. We found a company that we think we can work with, dh is eligible for the VA loan program, plus we would be first-time buyers. What do I need to take to them, paper-work wise? Paystubs, list of outgoing expenses, what else? Any other advice would also be greatly appreciated! :001_smile:

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If you or your husband are employed (not self-employed) you will probably need pay Stubbs, several months bank statements, tax returns, copies of drivers' licenses and social security cards to start the process. Also, documentation of any savings you have. They will look at that even on VA loans. Your husband will also need the form from thr va showing eligibility. I would not provide a list of expenses. The only expenses they care about are on your credit reports which they will pull anyway.

 

Also, FYI, any deposits made in to your bank accounts that were not direct deposits from paychecks must be explained. We closed in early September and I spent agood amount of time tracking down why I deposited x amount of cash on x date at the request of underwriting. You don't need that with th initial submission but just be prepared to provide it when they ask.

 

Eta: my advice is be patient. The process is longer and more difficult than it used to be but you can get it done.

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1. Check all three of your credit reports for each of you. It can take months to have errors fixed.

 

2. Keep copies of utility bills.

 

3. Keep pay stubs and records of deposits.

 

4. Go to the library and read several books about buying houses and mortgages.

 

5. Once you better understand the loan process, make a list of questions and interview a few loan officers on the phone. Email some followup questions and don't choose any office that doesn't get back to you quickly. Remember, you are essentially hiring someone, so be choosy.

 

6. Try to find a loan officer that will "pre-approve" not just "pre-qualify" you and start processing the loan documents even before you have an offer accepted.

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