I am a first time home buyer and want to know what I'd need to be approved for a home loan of 199k?

Hi, The requirements depend on the type of loan. For instance: FHA loan: we can work with a 580 credit score, the income and debt ratios are higher and more flexible up to 55% on the back end. You can put a minimum of a 3.5% down payment. However, there are requirements for this loan, you need to occupy the property as your primary residence. The requirement for the income for this loan amount dependes on the amount of debts that you currently have.Conventional loans are more strict, usually you need a credit score of 620 or above, the debt to income ratios are lower, 43% on the backend. In terms of paperwork you need:Last 2 years of tax returns with all schedules and W2Last month of pay stubsIDSocial security cardThis is what is needed to start the process. If you have any other questions or concerns dont hesitate to contact me. Would love to help you out.Best of wishes,Luis Angel Lajara"Your credit challenged buyer loan expert"NMLS#:1519983llajara@contourmortgage.comContour Mortgage Corp.www.contourmortgage.comLast

Yes, you will need to get pre-approved. Feel free to reach out through my profile and I would be happy to help walk you through the process.

Really the starting point is getting with the lender and let them tell you exactly what you will need.. Yes, sufficient credit scores are important, but the lender has to pull your credit.. he cannot use a credit report that you provide.. Also, after he pulls your credit, the list of supporting documentation will be based on what he finds during the application and credit report. The basic stuff will be 2 years tax returns, 2 years W2's, 2 month's asset statements, 5 weeks pay stubs, ID,, etc.. but after looking at the taxes and credit, they might require other documentation.. WilliamAcres.com Arizona/California NMLS# 226347 480-287-5714

You are going to need to speak with a local mortgage professional. They will be able to go over your credit report, look at your 3 scores to see if you qualify. Most lenders have a 620 minimum credit score. Also they will look at your income situation and make sure your debt to income ratios are good. Each lender uses different ratios, some lenders I deal with go up to 50% dti. You are going to need your tax returns, last 2 years W-2's, paystubs, and asset information handy, so I'd pull them out and contact someone locally to sit down with.