Thread: First time homebuyer wants to know the basic ABC's of home loan applications.

What are all the possible items/avenues/things that a bank will want from an applicant?

What are all the possible items that the bank is looking at, both from said items and generally?

Are there specific things an applicant should expect/look for in a bank?

Is there anyone on the board that are familiar with VA loans?

Broad view:

* Credit history
* Income (including history)
* Existing debt
* Liquid assets


The above can include any documentation necessary to support what you claim on your application. Therefore:

* Credit report
* Explanation letters for medical/other hardships (if applicable)
* W2's, Paystubs, Tax Returns (depends on employment type)
* Bank Statements, 401k Statements, IRA Statements, etc


Any competent loan officer will help you with the details. I'd look for a good loan officer/mortgage broker first and foremost, as opposed to a bank. They have experience with many lenders and can consult with you on loan products based on your wants and needs.


VA loans are great.

Mny people go out and try to find the perfect property before confirming that they can definitely get the mortgage. This is usually the wrong way to do it and can end in disappointment. I would recommend speaking to a lender/broker first to confirm that you can get a mortgage, what the maximum is that you can borrow and what your monthly payments are. You can then go out and find the best property within your budget.