Normally there are following key issues banks want to know about you before issuing a loan:
Lenders want proof you are able to make the payments. If you are:
- Employed: 30 days pay-stubs and taxes for the past 2 years.
- Self Employed or Paid in Cash: Taxes for the past 2 years showing you file as self employed
Lenders want proof that you are able to handle monthly payments and pay on time. Most programs require you have credit scores above 620. If you don’t have a credit score, we work with lenders that are able to provide financing as long as you have alternative credit accounts such as electric bills, telephone, insurance, gas, cable, Internet, water, etc, showing you have been making payments on time for the past 12 months.
Lenders want to make sure you have sufficient funds to pay a down payment ( for programs that require a down payment ) or at least sufficient funds to put a deposit on a home and to make the first payment on the home. Lenders usually ask for the last 3 A of bank statements ( 12 months if self employed )
Lenders want to make sure they are lending the funds to the correct person. They normally ask for a SSN or an ITIN and a valid ID such as a driver’s license, passport, matricula consular, etc. If you have a SSN and have a visa, it is likely they will require to see an employment authorization card or green card.
Here are some tools that could help you during your home purchase