If you are a first time home buyer, take time to visit our Resources section for information to help you start the home buying process. Be sure to check out our calculators which will help guide you through some important number crunching.
Am I Financially Prepared?
- Have you saved for a down payment – at least 5% of the purchase price of the home?
- Is your credit record healthy?
- Can you afford the property taxes?
- Can you make the monthly mortgage payments?
- Do you have money set aside for home emergencies such as a new furnace or hot water heater?
Does it Make Sense to Buy?
- How settled am I?
- Is a job transfer likely?
- Would I like a change of scenery sometime in the near future?
If you’re not going to be in the same location for the next 3 to 7 years, you may not want to buy a house. After only a few years, you won’t make enough on the house sale to at least break even.
How Much “Home” Can I Afford?
When applying for a mortgage loan, lenders require several pieces of personal information and documents. To help speed up the process and ensure you are prepared, we have compiled a list of items you’ll need to review and make sure you have ready for your mortgage consultation.
Personal Information To Have Ready
- Property information including address, legal description of property and the year the residence was built
- Social Security number(s) of applicant(s)
- Employment information for the previous two years
- Income information – including salary, overtime, bonuses, commissions, dividends, interest, retirement and any other source of ongoing income
- Present rent or mortgage payment information – including payments, taxes, dues and insurance
- Liquid assets – including name of financial institution, account type and balance including retirement and investment statements
- Amount of cash deposit towards purchase
- Property owned – including current residence, retirement funds, businesses owned, automobiles and a value estimate of remaining personal property
- Liabilities for all open accounts – including account number, names, complete mailing addresses, balances and minimum monthly payments
- Child support or alimony funds
- Schedule of real estate owned
Documents We Will Need
- Most current pay stub and W-2 for the last year
- Statements for all non-CVFCU accounts for the previous two months
- If renting, the name, address and telephone number of any landlord(s) for the previous two years
- Purchase contract and copy of the canceled binder check if the earnest money deposit is over $1,000
- If retired, an annuity statement or awards letter
- Separation documents and divorce decree, if applicable
- If child support or alimony is used as income, the most recent twelve-month history of receipt is required
If you are self-employed:
- and file a Schedule C or receive income from rental property, bonuses or commissions, or own 25% of your company, you must provide the last two years’ tax returns with new original signatures and a current date- including all schedules, a current balance sheet and a current profit and loss statement
- and file partnership, S-corp. or corporate returns, you must provide the previous two calendar years’ business tax returns along with your personal returns and a profit and loss statement and balance sheet through the end of the last month
*Annual Annual Percentage Rate (APR) is variable and subject to change without notice. Lowest rates include all applicable discounts. Online application discount does not apply. 60 month fixed rate. Offer available for a limited time. Up to 80% Loan to Value. Requires automatic payment from a CVFCU account. Other rates and terms available. Property insurance required.