Number One Home Loans

that you have a fix job
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Well first of all your house payment should be around 25% of your income…all of it…to show a bank….you would need your checking account and any savings accounts…they need to make sure you can AFFORD IT…
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A down payment is good for starters, but not always necessary as there are loans out there for no money down, and there are a lot of programs for first time buyers. A stable job history is necessary. They don’t care so much if you have changed jobs a time or two, but are looking more at did you stay within your profession when you changed jobs. For example, if you have had 2 or 3 different jobs but they are all in the same field, say automotive for example. They just don’t want to see people switching professions and going into completely different lines of work, say from automotive to maybe plumbing or something like that. A good yearly income is necessary as well, and if you have two incomes, say a husband’s income and a wife’s income, that’s even better. A decent credit score is always helpful too. Get a copy of your credit report and check it for accuracy. Late mortgage payments and late credit card payments will likely hurt your score the most. Pay off any outstanding debts on your credit report, and don’t acquire any more debt than you already have. Hope this helps. Best of luck to you.
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People interested in buying a house can often approach a lender, who will check their credit and verify their income, and then can guarantee they would be able to get a loan up to a certain amount. The people can then take a letter of pre approval from the lender, and when shopping for a home can have possibly an advantage over others because they can show the seller that they are guaranteed to be able to buy the house.

It is important to pursue getting a Pre-Approval prior to actively searching for properties. It should actually be considered the first step in the home buying process, as it sets the price limit that you can spend. The following are items and information needed by a lender to ultimately give you a mortgage loan:

1. Social Security Number
2. Current Residence Address – past 2 years
3. Names and addresses of each employer for past 2 years, including W-2s
3. Gross monthly income – recent pay stubs for a full month
4. Names, addresses, account numbers and balances of all checking and savings accounts – last 3 months of statements
5. Names, addresses, account numbers, balances, and monthly payments of all open loans, credit cards, etc.
6. Addresses and loan information on any other real estate owned
7. Bankruptcy and divorce paperwork, if applicable
8. Estimated value of your personal property, such as furniture, etc.
9. Certificate of Eligibility and DD214 (VA only)
10. Application Fee
11. Driver’s License (VA & FHA)
12. If self-employed, ask your lender for any additional requirements
13. Purchase Agreement and any Addenda to a purchase contract

While all of the information is not needed up front to start looking for the property that is right for you, it is helpful in making the lending process easier when it is time to obtain a loan!

Good luck to you!
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I’m a RE/MAX REALTOR

Read my response to:

How much will home prices fall in 2007.

It was one of the questions posted just after yours. it will be very enlightening to you. Good luck.
References :
http://www.housingbubbleblog.com