Questions and Answers
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Step 1
Pre-Qualifying

In this section, we will explore the process we refer to as:

“Pre-Qualifying” .  Please keep in mind that in this section and the other sections in this “seminar”, we are not attempting to cover every possible item relating to the topic at hand but rather help you to establish a foundation of information that you can build upon. It is our stated goal to equip you with the pertinent information that will allow you to become an informed buyer.

Buying a home is not a casual walk through the woods. Careful planning and attention to details will prevent unpleasent surprises!





What exactly is “Pre-Qualifying”?

Meeting with lender to explore buyer's qualification.

  • Review income, debts and obligations of buyer.
  • Pull and review credit report. (Credit Report Request)
  • Discuss buyer's funds available to close.
  • Analyze and review above information and match buyer up with the best loan program.
  • Time for buyer to ask questions, express concerns.

What does “Pre-Qualifying” cost?

  • No cost!
  • No commitment!
  • This in-depth analysis will cost you only your time. Generally this can be accomplished in one hour.

What information do I need to supply?

  • W-2s (Last 2 years)
  • One month pay stubs
  • Employer's name and address for last two years
  • Last three months bank statements on all accounts
  • Landlords' names and addresses – 2 years
  • Social Security Number
  • Gross monthly salary (Identify all sources of income)
  • Account #s (Addresses, Balances/Payments on all credit accounts)
  • Certificate of Eligibility and/or DD214 (VA Loans only)
  • Self-employed only – Last 2 years tax returns with all schedules

Why should I get “Pre-Qualified”?

  • Allows you to explore your qualification and help you define the home you are qualified to purchase
  • Allows you to establish your desired monthly payment
  • Allows you to annualize your down payment and closing cost options
  • Will introduce you to a number of loan programs that are available; and help you define the best one for your needs

As a foot note to loan programs, Alaska is unique in that we have
several loan programs only available in the state of Alaska ;

  • Will help you focus in on the product you are qualified to purchase and help you not waste time and effort looking at property that does not fit your needs and qualifications
  • Allows your lender to prepare a 90% Letter for you (90% Sample)
  • If there are credit problems, your lender will lend you support and direction as to how best to go about addressing and fixing those problems.  Bankruptcy does not automatically disqualify you from purchasing a home;
  • In short, allowing yourself to be pre-qualified saves you time and a lot of  frustration!
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rod@rodstone.com