Things to Consider Before Buying a Home

For most people, buying a home is the single largest purchase they will make in their lifetime. If you are considering buying a home, talk to your Aspire Lending loan officer first to help you answer the following questions.

  1. Can you qualify for a loan?
  2. How much home can you afford?
  3. How's your credit?

Documents Needed for Loan Approval

  1. Verification of Income
  2. Verification of Assets
  3. Information about the Purchase
  4. Your Debts
  5. Additional Documents
  6. FHA Loans
  7. VA Loans

Do's and Dont's

When you fill out a credit application, your Aspire Lending mortgage professional will run a credit report for underwriting. Each lender and loan program has different guidelines to follow. You should not do anything that will have an adverse affect on your credit score while your loan is in process. I know it’s tempting!

Here is a handy list of do’s and don’ts that you should adhere to after your loan application is in process.

  1. DO STAY CURRENT ON EXISTING ACCOUNTS
  2. DO STAY IN CONTACT WITH YOUR ASPIRE LENDING MORTGAGE PROFESSIONAL
  3. DON'T APPLY FOR NEW CREDIT OF ANY KNID
  4. DON'T PAY OFF COLLECTIONS OR CHARGE-OFFS
  5. DON'T CLOSE CREDIT CARD ACCOUNTS
  6. DON'T MAX OUT OR OVER CHARGE EXISTING CREDIT CARDS
  7. DON'T CO-SIGN WITH ANYONE

4C's of Mortgage Lending

Although specific guidelines can vary from one loan program to another, there are four basic principles evaluated for each homebuyer. These are referred to as the 4C’s of mortgage lending: Capacity, Capital, Credit and Collateral.