In general, you will need to bring these documents with you when you meet with a lender, but please check with the lender you will be meeting with for their specific document requirements, items below will give you some idea of the general required documentation.
• 2 most recent consecutive pay-stubs for each borrower
• last 2 years of W-2’s for each borrower
• last 2 years of tax returns–ALL PAGES; personal (if self-employed or 100% commissioned employee) and corporate (if >25% owner of company)
• Asset account statements (savings, retirement, stocks, checking, etc.) for 2 most recent months–ALL PAGES
• Current lease(s) on all rental properties
At the meeting with a lender, ask about all loan costs (origination fees, discount points, etc) as well as closing costs. Closing costs are fees for services, taxes or special interest charges connected with a home purchase, including front loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. Be prepared to pay an average of 2 to 3 percent of the home’s total value in closing costs, with payment due at closing unless the costs have been already rolled into the loan.
And make sure your lender gives you a Good Faith Estimate in accordance with the Truth in Lending Act (Regulation 2), so you can make an “apples to apples” comparison between lenders.
Look at the Good Faith estimate for your Ventura County Home purchase and understand the monthly payment for the price range you qualify for. Is this an amount that works in your budget.
Be aware that there will be property taxes, insurance and if it is a Ventura County Condo, there will be HOA fees, and these expenses are added to the interest and principal payment that should be illustrated on the Good Faith Estimate.
Check out this post for a more in depth discussion of Pre-Approval vs. Pre-Qualification
When these figures all make sense and fit into your budget, then the fun begins.. the search for your Ventura County Home.