EMPLOYMENT AND INCOME
1. Where do you work?
2. How much do you make? (You’ll be expected to document income with copies of income tax statements, as well as giving the lender permission to request your tax return transcript by signing Form 2506-T. If you collect a paycheck, you’ll provide copies of pay stubs and W-2s.)
3. How long have you been at your job?
4. How is your income derived — steady salary or irregular income? (If your income varies, you may need to provide details.)
WHAT WORKS IN YOUR FAVOR:
You can prove steady employment (two or more years) with the same employer or in the same line of work.
WHAT COMPLICATES AN APPLICATION*
You are self-employed or a contract worker.
read more at: http://www.chicagotribune.com/classified/realestate/ct-15-questions-you-can-expect-from-your-mortgage-lender-20160916-story.html
disclaimer: for information and entertainment purposes only
Want to buy your first home? You’ve probably got some cash saved for a down payment and maybe even recommendations for realty agents from savvy friends you trust. But have you cleared up your credit report, hired a tax adviser or considered the benefits of FHA financing compared with a conventional mortgage?
Kasara Williams, 31, has taken all three steps in a year-long quest to buy her first home. “This whole experience has taught me that it’s important to have your financial act in order,” said Williams, a commercial property manager in Arlington. “It’s important to start your search early.”
Are values improving? For your value questions contact the appraisers at www.scappraisals.com.
Not every first-time homebuyer will need a tax adviser, like Williams did to fill out forms needed to withdraw part of her IRA without being penalized. But everyone interested in becoming a homeowner should prepare early with orderly finances, information and plenty of patience for the long and complicated process ahead.
Read more at: http://www.washingtonpost.com/realestate/for-first-time-home-buyers-heres-a-primer/2013/01/31/9c3977c6-665b-11e2-93e1-475791032daf_story.html
Disclaimer: For information and entertainment purposes only