TABLE OF CONTENTS

Purchasing your home takes careful planning and preparation. Current ​market conditions make the effort well worth it. This Homebuyer Guide ​offers everything you need to know as you prepare to buy a home.

Homebuying Process

Most popular loan products

Loan Documentation Checklist

Do’s and Don’ts During the Loan Process

Closing Day

THE HOMEBUYING PROCESS

A STEP-BY-STEP GUIDE

STEP 1.

Meet with your loan officer. I can discuss loan programs with you, help you assemble necessary

documentation, complete a loan application, and provide you with initial loan information.

STEP 2.

Get pre-qualified. Start by determining how much house you can afford. I will review your credit report and

paperwork.

STEP 3.

Find the right home. Meet with your Realtor and start your search. Once you have decided on a property,

make an offer.

STEP 4.

Complete your home inspection. After your offer is accepted, an inspection is conducted. Both you and your

agent will receive a report of the home inspector’s findings.

STEP 5.

Shop for homeowners’ insurance. Shop around for the policy that best meets your needs. Also, remember

that flood damage is not covered by a standard homeowners’ policy.

STEP 6.

Close the sale. You will sign the required paperwork to complete the purchase, including loan documents.

Also, be sure you understand all the costs involved with the closing, that way there are no surprises.

STEP 7.

Move in! Congratulations—you are now the proud owner of a home.

YOU GET THE KEYS!

MOST POPULAR LOAN

PRODUCTS

CONVENTIONAL FINANCING

The down payment requirements can vary. You can choose programs with as little as 3% down. Most ​common programs are 3%, 5%, 10% down with or without mortgage insurance. If you have 20% or ​more down then there would be no mortgage insurance.

The most common mortgage term is 30 years, but there are other options such as 25, 20, 15, and ​10-year terms.

FEDERAL HOUSING ADMINISTRATION (FHA) FINANCING

This is a government backed loan that requires a minimum 3.5% down payment.

VETERANS AFFAIRS (VA) FINANCING

Available to eligible veterans and offer competitive rates with little or no down payment required.

U.S. DEPARTMENT OF AGRICULTURE (USDA) RURAL HOUSING

There are income guidelines, as well as specific locations that qualify for this program. You can ​obtain 100% financing, meaning no down payment is required.

GRANTS

Sometimes state or federal grant funds can be combined with the above programs. There are ​specific guidelines that must be met, but these funds can be used for closing costs or sometimes in ​down payment assistance.

LOAN DOCUMENTATION CHECKLIST

Your loan application will require supporting documentation regarding your finances and work ​history.

All documentation will help determine the home loan products and terms that best fit your short ​and long-term financial goals.

This chart includes the most common documentation required. Depending on your individual ​situation, additional documents not listed may be requested.

*It’s not necessary to disclose alimony, child support, or separate maintenance income unless you want the lender to ​consider it as a basis for repaying the loan.

DO'S AND DON'TS DURING THE

LOAN PROCESS

While you are applying for a home loan and even during the home loan ​process, a number of things can greatly impact your ability to obtain a ​mortgage loan or can delay your closing date.

Following these easy DO's and DON'Ts to make sure you're headed in the ​right direction.

DO’s

DO pay all your bills on time.

DO keep all your ongoing paystubs

and bank statements.

DO communicate with us about any

life changes.

DO line up a homeowner’s insurance

policy.

DO continue saving for your home

purchase.

DON’Ts

DON’T make large purchases such as

cars, furniture, etc.

without speaking to us first.

DON’T run up the balances on your

existing credit cards.

DON’T apply for any new credit cards

without speaking to us first.

DON’T acquire any non sufficient funds

or overdraft fees.

DON’T change jobs, resign or become

self-employed.

CLOSING DAY!

When the big day arrives, you’ll be reviewing many pages of paperwork and signing and initialing ​several documents before getting the keys to your new home.

A home purchase is a significant, long-term commitment, and you want to ensure you are ​comfortable and confident with your decision.

BEFORE CLOSING

COMPARE THE NUMBERS

By law, you must receive your Closing Disclosure three business days before the closing. Once you ​receive this, compare it to your most recent Loan Estimate for any discrepancies or questions you may ​have.

CONFIRM WHAT YOU WILL NEED AT CLOSING

Contact the person handling your closing and confirm how closing funds must be provided (usually a ​cashier’s check or wire transfer) and other items to bring to closing. Often this will include your ID, ​checkbook, and your Closing Disclosure.