Qualifying for a Home Loan
Qualifying for a Home Loan in Tampa Bay is Easy With New Homes Specialist
Our experienced buyers agents are available to help you 24-7
Before you begin house hunting, you may consider pre-qualification for a home loan. This allows our Tampa realtors to match you up with a variety of homes that fit your preferences, lifestyle and budget. Qualifying for a home loan in Tampa Bay may seem daunting, but the New Homes Specialist agents are the best in the business and know what you need to secure financing. You can relax and let our knowledgeable agents go to work for you. Contact our award-winning team and get started today.
What information will the lender need?
Once you begin working with a lender, they will give you a good idea of what amount of money will be available to you, how much you can expect for a down payment and your approximate closing costs. Having a clear picture of your financial situation, before you find your new home, is extremely important. In order to determine how much you need to borrow, a lender will consider:
- Paycheck stubs — Your income directly affects your ability to pay back a home loan. The bank will be interested in reviewing not only your last month’s pay stubs, but your income over the past two years. Having these documents in order, prior to meeting with a lender, is beneficial.
- Bank statements — It is a good idea to be able to show the bank a steady inflow and outflow from your checking and savings account, with little to no bounced checks. Taking time to get your finances in order to reflect this steadfastness is something to consider, even years before you begin the search for a new home in Tampa Bay.
- Tax records — You may be required to provide tax records reflecting your income over the past several years. You will also want these documents available to show the amount you paid on your taxes, not your gross income.
- Dividends and investments — Consideration is usually given to long-term investment dividends you hold. Be sure to include your investment portfolio for the bank to use in your financial evaluation.
- Alimony and child support — You may choose to include any alimony or child support payments as a portion of your income. Have your divorce decree or court order handy for the bank to include these items.
- Credit report — Your credit report sums up your debts and how you handle them. This is an important part of the lending process, and will affect the amount of your loan and the rates the bank applies.
Preparing your financial statements prior to house hunting will enable you to qualify for the best possible loan for buying a house. Paying off and closing out as much debt as you can and keeping track of your checking and savings balances, can directly affect the type of loan you can secure.
If you are able to pay a large down payment, lenders tend to be more lenient on their loan requirements. More cash to them up front lessens their risk and also shows your level of commitment to paying back your loan. You may secure a down payment through a personal gift as long as you provide documentation stating the amount of money was gifted and does not need to be repaid. Although the most common down payment amount is 20 percent of the loan, you may pay as much as you can afford. Having one of our skilled Tampa realtors by your side to negotiate the terms of your contract, loan and closing costs will benefit you.
Buying the home of your dreams may be easier than you think
The New Homes Specialist agents are on your side, ready to help you secure a loan and find the perfect home in one of the many Tampa Bay area communities. With more than 100 years of combined experience, you can trust our Tampa realtors to work within your budget, and your wish list. Our services are always free to new home buyers. Check our our database of thousands of available homes and hot home deals, all at the lowest prices possible.
Get started now by calling our Tampa new home buyers agents today!
You’ll be one step closer to finding your dream home when you call 813-681-6535 or contact us online to get pre-qualified. We are available to help 24/7 and our services are always free. If you are looking for a new home, contact New Homes Specialist today. Receive a $500 cash rebate incentive upon closing for new home buyers. We are proud to work with Tampa Bay’s best new home builders, including Lennar, M/I and KB Home.