How to Complete Your First-Time Home Buyer Application

Buying your first home is one of the most exciting things you can possibly experience in life, but it can also feel overwhelming. You may find yourself tossing and turning at night, wondering if you’re going to be approved for the home of your dreams. Fear not; the experts at Mortgage Solutions Financial are here to help! Below, we’ve described the steps you’ll need to take to complete your first-time home buyer application.

Preparing to Apply

Before you apply, you’ll want to make sure that you’re in a good situation to buy your first home. Carefully review your finances and set a budget. You want to know how much home you can afford before you apply. It may also be a good idea to check your credit score. There are lots of apps out there that can give you a ballpark idea of where your credit’s at. Just remember, the score you see on an app may be different than what a lender sees.

Steps for Completing Your First Time Home Buyer Application

Once you’ve determined that you’re in a good position to buy a home, you can begin the application process. Here are the steps you’ll need to take to complete your first-time home buyer application:

1. Fill Out the Application

Some lenders prefer you to fill out an application in-person while others will let you complete the process online. Regardless, you should fill out the application in its entirety, answering all questions honestly and completely. Leaving out pertinent information or providing false information could put you in a bad situation and prevent you from being approved.

2. Provide All the Necessary Documents

Your lender is going to want proof of your finances and income. This means that you’ll have to submit some documents that verify your employment history, earnings, and creditworthiness. Here are some of the documents you may be asked to provide:

W2’s or 1099’s
Tax returns
Recent pay stubs
Bank statements
Profit and loss statements (if you’re self-employed)

In addition to these documents, your lender will ask for your permission to run a credit check.

3. Wait While Your Application Is Reviewed

Once your lender receives everything they need, they’ll review your application along with all of the accompanying documents you’ve provided. When they’re finished, you’ll be notified about whether or not your application was approved.