Darrel Ace Anderson Darrel Ace Anderson
Mortgage Broker

Valley Financial Specialists
Get a free mortgage calculator for your phone.

Is this your first home?

If you're like most first-time home buyers, you may not realize how qualified you are! Most first-time home buyers don't know how affordable mortgage payments can be. Mortgage payments can be cheaper than rent. Many people don't know how much they can qualify for. Without inquiring, you will never know.

Need some help figuring out what you qualify for? Here is a free mortgage loan calculator for your phone. You can enter some numbers and the app will calculate mortgage you qualify for. Check things out before you begin looking at houses. Know before you go.

Many people don't realize that 5% is the minimum down payment amount required to buy a home. If you will be living in the home, if you have good credit, if you earn a good income, and if you will be purchasing a home under $500,000, 5% is all you need!

As of February 15, 2016, if you buy a home over $500,000, the minimum down payment is 5% on the first $500,000 and 10% on the remaining purchase price.

Most lenders only need to see a few key documents:

  1. A Letter of Employment from your employer & a Recent Paystub
     
  2. Notice of Assessments from the past 2 years
     
  3. A 90-day history of your savings/investments (for your down payment)

For some applications, lenders may also ask for your tax returns, a gift letter, and/or an appraisal. If you are self-employed, they may ask to see a copy of your business license and financial statements.