Lenders consider a few different factors for qualification. These include, income, debt, assets, and credit. The best thing to do it get pre-approved so that you know what loan programs you qualify for.
Typically 10-20% of the purchase price. But there are many options that require less of a down payment. We can help find the best program for you.
A pre-qualification is an informal review that gives the buy a good idea of what they can afford and the size of the loan they will qualify for. A pre-approval is a more formal, conditional approval which holds more weight with the seller and their Real Estate agent.
Standard documentation collected for a purchase transaction includes information regarding your income such as pay-stubs covering the most recent 30 days and W-2s for the last two years, asset information such as bank or mutual fund stock statements covering the last 60 days showing source of funds for your down payment, closing fees, points, pre-paid items, and other funds needed to close your loan.