Step Four

It's now time to take the next step. You are confident that your credit is good "enough", your income is stable, and you have been saving a little at a time and have a modest nest egg. You may need help from one of the down payment assistance programs, family or the seller, but you don't want to wait any longer with where rates and housing prices are.
Pick up the phone and call! Preferably, call me! 209-825-9383 or email: dromero@abilitymortgage.com.
You will not know your next step until you talk to a professional. For my clients, this is a free consultation. It can be done over the phone, in person, or online at our website: http://www.abilitymortgage.com/. It takes about 10 minutes for the application process. Don't worry about account numbers or that you won't have everything you need. This is what you will need for the initial application:
Name, Social Security Number, Date of Birth, Address, and Last pay stub or W-2. That's it and I bet most of that information is in your head. If you are calling and applying with a spouse or co-signor, then the W-2 will be helpful because it will have that person's social security number on it.
Stop waiting, start 2012 off right and call!

Step Two-Employment and Income

If you have had your credit pulled, or you know that your credit is good (over a 660 middle score from a mortgage source), then it is time to consider your employment and income. Investor's are looking for job stability. That doesn't necessarily mean you have had to be at the same company for the last 10 years, but they do want to make sure that if there has been any changes in the past two years that it was for good reason. If you just went from being a warehouseman to a car salesman, you will probably need two years of history before they will consider your income. But each case is different and you should talk to your lender about it. In the new conservative world we live in, it is best to take a two year average of your income. Now if that income includes Bonus or Overtime a written verification of income from your employer will need to be requested by your lender. The reason is that the overtime and bonus income has to be verified as usual and customary. A one time bonus or a season of overtime (that does not happen every year)will not be used to help you qualify.
Stay tuned for more "how to" information.