If you’re looking for a new house, many realtors will actually ask for a pre-approval in advance. And its good for you to know how much you can afford and if there are any issues, you will know in advanced instead of any last minute surprises!

1. Proof of Income
This is usually W-2 statements but also includes any other sources of income like bonuses or alimony.
2. Proof of Assets
This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them.
3. Credit Score
Your credit score will be an important factor on the down payment and interest rate on the loan.
4. Employment Verification
Lenders may call your employer to verify employment, or if you are self-employed you may need to supply additional paperwork.
5. You Verification
You may need to supply a copy of your drivers license and social security number as well.

Now that you know the basics, check with us to get pre-approved and see how much you can get approved for!

With the housing market tight in many parts of the country and affordability a big issue for many would be buyers, buying a fixer-upper might be tempting. We’ve all seen the home make-over shows with amazing before and afters but should you do it?

Here are a few things to consider:

1. Know Your Limits
How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while.

2. Work Out Costs In Advance
Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because surprises are likely.

3. Check Permitting Costs and Procedures
Check with local officials to see if the work requires a permit and the permit costs.4. Be Extra Careful with Structural IssuesIf the house requires structural repairs then double check the work and pricing. Hire a structural engineer to do an inspection and if structural work needs to be done make sure your bid discounts this work

5. Include Inspection ContingenciesMake sure you hire professional inspectors and check for hidden issues like mold, piping issues, pest damage etc. And if things come up ask for discounts. And if too many red flags come up or the seller won’t properly discount the costs for repair then you may want walk away and keep looking!