In today’s world of buying a home you will want to get the basics put together prior to meeting up with a mortgage lender. There are two very common loan types call traditional credit and alternative credit. Traditional credit will be FICO score driven, and alternative credit is based on rent, utilities, car insurance, etc. Where traditional credit will show up on a credit report commonly, alternative credit will commonly require 12 months written and verifiable on time payments to four sources.
Many common things you could be asked for:
- Federal or State ID
- Social Security Card
- Last two years w2s
- Last two years tax returns
- Last two months of bank statements – give them new ones as they com in
- Last months pay stubs – give them new ones as they come in
- Two years same type of employment W2, self employed, 1099
Common things people do wrong prior to getting a home mortgage. They buy their car on a loan, pay all of their bills with cash vs paper trailing it with checks, and worse of all they think they cannot become a home owner for one reason or another.
Finally, understand there are all kinds of government down payment assistance programs, and some loans even offer zero down programs.