Sandra Brazelton, MBA â The Home Biz Ninja ... Here is a checklist of what you may need to make your experience succes
Sandra Brazelton, MBA
Brazelton’s Real Estate Success Series
10 Easy Steps to Prequalification
When it comes to borrowing money, the person with the gold makes the rules and documentation beats conversation. Here is a checklist of what you may need to make your experience successful and stress free. The sooner you start gathering this information the smoother the process. 1. Check your Credit Report – Credit scores range from 350 to 850. Most lenders require a minimum of 640 as your middle score (FICO). However this will vary from lender to lender based on your loan amount, credit score, location of property, type of property, etc. Credit Reporting Agencies Equifax: 1-800-525-6285 www.equifax.com, P.O Box 740241, Atlanta, GA 30374-0241 Experian: 1-888-EXPERIAN (397-3742), www.experian.com, P.O Box 9532, Allen, TX 75013 TransUnion: 1-800-680-7289, www.transunion.com, Fraud Victim Assistance Division, P.O Box 6790,
Fullerton, CA 92834-6790 You may also order a free report at - this report is not scored https://www.annualcreditreport.com/
2. Dispute any information on your credit report – Remember, All information is assumed to be correct unless you dispute it. We have a great program to help you with this. 3. All loan applicants will need: Last two years of tax returns and W2s, last 30 days of pay stubs and bank statements Year to Date Profit and Loss if Self employed Proof of Down payment funds in your bank account, IRA, Thrift Savings, Etc. Proof of Income - Gift Letter if applicable divorce, annuity, social security awards letter, etc. Ninja Tip – Make sure the money is verified in the account of the gift giver and follow lender instruction before funds are transferred 4. Gather 12 Months of Rental History with cancelled checks, direct deposit, etc. Ninja Tip - Do not use money orders or cash to pay rent. You must have independent proof 5. Gather Proper Identification – Drivers License – Social Security Card http://www.sandraforhomes.com
Sandra Brazelton, MBA – The Home Biz Ninja
Sandra Brazelton, MBA
Brazelton’s Real Estate Success Series
6. Gather Proof of Account Balances - Checking, Savings, Stock Market, Income Producing Leases, Deeds, etc. 7. Prepare to provide written explanation of credit issues or unusual deposits 8. Be Still – Do Not Change Jobs, Buy anything or make any moves without informing your lender first New Credit can lower your score and mess up your income to debt and disqualify you to purchase or reduce your loan amount 9. Stay in Control - Ask for a written copy of your approval letter and your Good Faith Estimate (GFE). Check around to make sure you are receiving the best interest rate, down payment and terms. 10. Belief in Yourself – You can Do All things through Christ Who Strengthens You: Phil: 4:13
Trust us and contact us at
[email protected] to Help you with your dream home purchase!
Sandra Brazelton, Broker CRS, GRI, MBA http;//www.sandraforhomes.com Alabama Real Estate Instructor Certified Debt Counselor
[email protected] 256 837-2229
http://www.sandraforhomes.com
Alex Brazelton, Broker Listing Specialist, A-REO Property Manager www.alexandcorealty.com
[email protected] 256 837-2229
Sandra Brazelton, MBA – The Home Biz Ninja
