First-time homebuyer tips Volt Credit Union

Dreaming of your first home?
Here is what you need to know!

Set your budget – How much home can you afford? determine a monthly mortgage payment you are comfortable with (and will qualify for) and start there.

Understand your personal credit profile – How is your credit? Your credit
profile will impact the loan programs you are eligible for.

Apply online – You can apply for your home loan here.

• Prequalification – This is a qualification of your credit profile and
  loan terms based upon verbal review of income/assets/etc.
•  Pre-Approval – This is a pre-approval of your documented income/ assets, and is a much more detailed qualification process.

Understand the steps involved in buying a home:

• Prequalification/Pre-Approval
• Find a Real Estate Agent
• Find a home
• Finalize a sales contract
• Complete application, sign intital loan disclosures and provide required documentation
• Appraisal and Home Inspection
• Final Loan Approval
• Loan Closing

Volt will be with you during the entire process. Our mortgage professionals will communicate with you and answer any questions you have throughout your homebuying experience.

Application Needs:

» Picture ID

» Proof of Social Security Number

» Address for the last two years

» W-2’s for the last two years and 30 days of pay stubs

» Last two months of bank statements to verify funds for down payment and closing and/or two months reserves

» Tax returns with all schedules for the last two years

» Property information for all owned real estate

» Estimated value of other assets

» Divorce decree if applicable