1. What documents do I need when I apply?

• 2008 & 2009 W-2 forms
• Most recent 30 days of pay stubs
• Most recent bank statement
• Most recent retirement/investment statement

2. What is the definition for a first time buyer?

• Someone that has not owned a home in the past three years.

3. How long do I need to be self employed to qualify for a home loan?

• A minimum of one year with two previous years in the same line of work.

4. How much money do I pay at time of application?

• $54 for credit report/pre-approval. When the property is purchased $400 will be collected for appraisal.

5. If I have a cosigner, will that offset my poor credit history?

• No, however, a cosigner will offset insufficient income. It must be a blood relative.

6. If I have collection account on my credit, do they always need to be paid in full before I am approved?

• Depending on loan type, some collections may remain outstanding.

7. If I do not intend to live in the property I am purchasing, what type of loan can I obtain?

• There is non-owner occupied financing up to 75% of sales price.

8. How long does it take to obtain preapproval?

• If documents are received at first interview, preapproval letter can be given at application.