What Can I Truly Afford Vs. What Do I Qualify For?

 Quite often I am asked what do I need to provide to qualify for a mortgage loan. In general you will need to provide the following:

1. Tax Returns for the past two years
2. W'2's and or 1099's for the past two years
3. Bank Statements for the last 3 months.
4. Assett Accounts ie: IRA,Sep,401K,Cal Pers,Cal Stirs, CD's Stocks, Bonds Mutual Funds
5. Disclose all Real Estate owned:a) Provide Rent Roll, Tax Info, Mortgage Lien Info and appraised value.
6.  b) Provide a current copy of your Drivers License and Social Security
7. Disclose Spousal or Child Support
8. Disclose if you filed a BK the date,type filed and when it was discharged

 As a general rule, lenders don't look just at your income, assets, and the down payment. They look at your liabilities and outstanding obligations such as, auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Please keep in mind that its not really about what you qualify for but more about what you truly can afford. Understand where you are at,outline your goals and more importantly seek advice from a Qualified Professional. Purchasing a home is a huge commitment!
Remember, your home and family is your most important investment you will ever make.