1. INCOME: Typically two recent paystubs and extra tax returns. Bonuses and commissions, child support or social security should also be shown.
2. ASSETS: Where do they come from. Are their gift letters to show any large sums of money.
3. DEBTS: Debts show up on your credit report and are factored into a report called a debt-to-income ratio. Take care of any disputed debts before you apply for a loan.
4. CREDIT HISTORY: Your credit score is an important factor in determining eligibility for a loan. Paying down credit card debts below 50% of the limit will help your score.
You may also be surprised that it is legal to ask you questions about ethnicity (the dept. of Housing and Urban Development requires lenders to ask to be certain that groups are not being discriminated against), lawsuits and divorce. Lenders however are prohibited from asking questions about your health, physical condition or if you are planning a family.
Here are a list of very good lenders in Albuquerque, NM.
So now that you know a little bit more about loans in Albuquerque let me show what I can do for your next real estate home sale or purchase! Albuquerque real estate is a passion! Just let me know how I can help.
Contact: 505-980-7788
EMAIL JIM
Jim Gross -- Keller Williams Realty, Albuquerque NM
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