I will be buying my first home in a few months. Advice?

Question

Is there anything in particular that I should do to prepare for purchased my first personal residence? I have never owned a home before (other than my SFR rentals) so this will be my first purchase that's not through a portfolio lender. Anything different I should be aware of? I will be "house hacking" a multi.

Chris Harkins · Answer

Ryan Dossey .. How many units? You may need to comply with Fair Housing Rules if it is several.

Shaun Weekes · Answer

Ryan Dossey

Good Morning Ryan,

Here’s a couple of items that you'll need in order to do conventional or Gov financing.

- 1040's for the past 2 years

- W2's for the past 3 years if you haven't done your 2014 taxes. If you have just 2013 and 2014

- Tax bills, Home owners policy (just the declaration page) Mortgage statements for all home owned

- Paystubs for the past 30 days and the last one from 2014. After April 15th you won't need the last one from 2014

- Copy of DL/SSC front and back

- 2 Months of bank statements and any other assets that you have 401K, IRA Etc. Since you have rentals DU (desktop Underwriter) will ask for reserves for each of those investment homes. Typically its 6 months for each home but your Loan Officer will let you know what is needed.

- BK paperwork and Divorce Decree if it's been within 7 years and 10 years respectively.

This is a great start to get you pre-approved and this way you'll know your buying power and you can move forward from there.

Also check out my interview on the Joe Fairless Show, the link is on my profile.

I hope this helps and have a great weekend.

Ryan Dossey · Answer

@Chris Harkins

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