Are You Ready?

Here Are Some Important Steps to Take Before Buying a House:

Prequalify Yourself

Have you determined how much you feel comfortable spending each month for a house payment?  Do you have enough income to cover the cost of a mortgage payment and your other monthly debts? Use our partner, Balance, to help you determine how much you can afford. 

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Maintain Stable Employment or Income

Have you worked at least six months in your current job and built a work history with two or more years of stable employment in the same field? Do you have other stable sources of income?

Establish a Good Credit Rating

Does your credit history show that you pay your financial obligations in a timely way? Have you been paying off excess debt and bringing all your other payments to current status?  It is a good idea to check your credit report so that you can see what your creditors have reported on you.  You’re entitled to a free copy of your credit report every year.  For more information:
http://www.balancepro.net/education/publications/yourfreecr.html
http://www.annualcreditreport.com

Establish a Good Rental History

Do you rent a house or apartment?  Or do you live rent-free with friends or relatives?  A two-year rental history is an important indicator of your ability to make a monthly mortgage payment.  If you rent from relatives, pay them with a check each month.  If you don’t pay rent, establish a savings account and make regular monthly deposits equivalent to your proposed mortgage payment.

Start Saving for Your Home

Have you started saving some money? Even if you qualify for 100% financing, you will need money that you have saved to pay for closing costs and moving expenses. 

Put your paperwork together

To prepare for obtaining a loan, you will need the following items:
·    Your most recent bank statements
·    Your most recent pay stubs and W2s from the last two years.
·    Names, addresses, phone and fax numbers of your landlords and employers--must cover the last two years
·    Driver’s license(s) and social security card(s)
·    Your checkbook for your application fees
·    Credit reference letters from your utilities (for customers with no traditional credit)
·    Copy of divorce decree or separation papers (if applicable)
·    Child Support Enforcement printout of child support payments received over the past year (if applicable)

Contact Self-Help

Fill out our quick prequalification form, and submit it online to the Self-Help office nearest you.  One of our home loan officers will contact you to discuss your particular situation and determine whether we can help you buy a home of your own!

Our Partner, Balance

Self-Help is pleased to offer the services of Balance, a free and confidential financial management resource. Their trained counselors are available 8am-11pm Monday-Thursday, 8am-8pm Friday, and 11am-8pm Saturday, to answer your financial questions. Click here or call 1-888-456-2227 to learn more about Balance. Services include housing education, debt management, credit report review, and answers to general financial questions.