The new year is here and a common goal for many is to buy a new or first home. With that being said, do you know what the basics are that are needed to begin the process? Once you decide to begin, and are working with a bank or mortgage company, here is what they need.

-Credit Score of 640 plus

Credit is a vital ingredient in buying a home. While some lenders and banks can go lower than a 640, rates and favorable down payment better fit with a higher score. You also can not have any active collections while applying for a mortgage

-Work History

In most cases, lenders would like to see 2 years of consistent work history, which can be at the same job, or in the same position at a separate employer (Ex. A nurse that worked at a hospital for 5 years, and left to the same position at a new hospital a few months ago would likely qualify). If you’re self employed, the lender would need 3 years of history.

-2 Years Tax returns/W2s, 60 days bank statements and paystubs

This is the basic documentation you need to get to the mortgage officer so they can qualify you and paint a better picture of the purchase price you’d likely get approved for.


Depending on what and where you’re buying, you’ll likely be putting down 3.5% of the home price as a down payment. There are ways to qualify for no down payment loans, which can be discussed. Its always good to have funds leftover with a purchase like this.


I hope this helped you understand the basics needed to get started in the home buying process. If you’d like to get the process started and/or have questions, feel free to reach out to me.



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