HOMEBUYERS ROAD MAP

PREQUALIFICATION VERSUS PREAPPROVAL

WHAT LENDERS LOOK FOR

CREDIT HISTORY

On-time payments and the length of history.

DEBT TO INCOME RATIO

Ratio refl ecting your monthly obligations and your monthly income.

DOWN PAYMENT

With larger down payments your loan terms will be better.

FINANCIAL HISTORY

Bankruptcies/foreclosures records? Consistent income increase over the years?

ASSETS

What funds do you have available during and after you close your loan?

EMPLOYMENT HISTORY

How long have you been with your employer or line of work?

PRE-QUALIFICATION PRE-APPROVAL

• Provides a “ballpark” estimate of your buying power • Is based on summary information of your income and assets

• Requires a satisfactory review of property, fi nancial documents and program requirements to issue fi nal approval • Provides proof to real estate agents and sellers you’re pre-approved for a specifi c loan • Is based on verifi cation of your income, credit and assets • Does not require a satisfactory appraisal and title review until fi nal approval • We o er this service at no cost before you fi nd a home