Requirements

Buying a House?    This is what you need !!!!

These are the requirements the Banks and Lenders will ask you to be Pre-Approved!!!!

1.- 2 years of employment with your current employer.  If you are in the same line of work and have different employers over the last two years, it will be OK.

2.- A FICO score of at least 640 points.  If your score is close (620 or 630), lenders are willing to work with you and in few weeks, your credit will be up to the standards needed.

If you are not close (less than 600 points), you may have to work it with a Credit repair Company. And it can take a few months to get to 640

3.-Enough money to pay for the down payment, mortgage expenses and other related expenses

This expenses are:

     a. - Down payment. - For first time home buyers, between 3.5 and 5% of Purchase Price.

     b. - Mortgage Expenses or Bank fees. - Can add up to 1% of the Purchase Price

     c. - Home Inspection:   Varies from $450.00 to $750.00

     d. - Appraisal. - Varies between $500.00 and $750.00

4.- Documentation for the Mortgage Application:

     a.- Last 2 years of complete and signed Federal Income Tax Returns

     b. - Last 2 years of W’2’s (all applicants and all employers)

     c.- Last 4 pay stubs from every employer. (All applicants)

     d.- Last 2 months of Bank Statements showing balances that will support the Purchase expenses.

     e.- Photocopy if picture ID or residence status.

If you made the decision to buy a home, just contact us at 617-799-4228, bring this documents and get ready to start looking for your New Home!!!!!!!