If you’re buying a house and plan to obtain a home loan through our credit union and AmeriCU Mortgage, we think you’re making a wise decision. We’ll be here to help walk you through the loan process. The first few steps would be for you to obtain certain home loan documents. Getting a hold of these documents early will help the homebuying process move smoothly and efficiently.
7 Home Loan Documents or Resources You May Need to Have
1. Proof of Income
You may need to provide pay stubs or other proof of income for the past several weeks. This will help the home lender determine your eligibility and will reassure the lender that you can pay the loan back. Remember to include earnings from sources other than your full-time job.
2.Tax Returns
The lender may request the previous year’s tax return in order to verify your income.
3. Bank Statements
Lenders may want to refer to these statements to make sure you have enough in your reserves to cover an emergency.
4. Your Credit Report
You may need to explain blemishes on your report, such as a foreclosure or bankruptcy. Your credit score may also be used to determine the parameters of the loan.
The standard credit score range is as follows:
- Exceptional: 800 to 850
- Very Good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Very Poor: 300 to 579
5. Identification
Your license or state ID will likely be needed to confirm who you are.
6. Information about your Past Living Arrangement
You will likely be asked about your present and past living arrangements, such as if you currently own another house. If you previously rented a home, you may need to provide proof that you paid rent on time.
7. Debt Explanation
If you have had a blemish in your credit history, it doesn’t always mean you won’t qualify for a loan. How you handled the debt is more important. In fact, having some debt may reflect positively on your credit score, as it shows you are a reliable borrower. Be prepared to discuss your current or past debts with the loan officer.
Contact Georgia Heritage Federal Credit Union for Mortgage Information
Georgia Heritage FCU has an affiliation with AmeriCU Mortgage. For more information about home loan documents you may need to apply for a home loan, visit one of our credit union branches in Chatham County or Effingham County.
