When
you apply for a mortgage, you will need to furnish information
regarding your income, expenses and obligations. It will save
time if you have the following items available:
- Two most recent
pay stubs
- W-2s for the last
two years
- Federal tax returns
for the last two years
- Last two months'
bank statements
- Long-term debt information
(credit cards, child support, auto loans, installment
debt, etc.)
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Repairing Past
Credit Problems
Have you had situations in the
past that have put blemishes on your credit? There are many
reasons why credit problems occur. Some explanations are:
- You were a co-signer
on a loan that wasn't paid on time
- You allowed someone
else to use your credit cards
- You may have thought
your spouse paid the bill
- You thought your
insurance company was going to handle the payment
- You are divorced
but your former spouse had credit problems
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Some lenders will work with you
to find a credit solution. They have special programs and
financing options that allow your to get a mortgage even with
minor credit blemishes. However, it is in your best interest
to keep your credit report in good standing. Here are some
helpful hints for your credit report:
- Never go over 90
days past due on any accounts
- Keep your credit
card debt below 50% of your monthly obligations
- If paying bills
after the due date, always pay within the grace
period
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