Applying for a home loan!

jianhal, you want to be sure of the following: that any and all creditors who reported delinquent payments have been caught up and are in good shape; that any collection accounts or judgments have been paid in full; that your credit score is at least 620 and preferably much higher; that your income is sufficient and verifiable so that you can afford what you'd like to buy; that your assets are all liquidable and verifiable, with no money coming from odd sources; that you realize what a large purchase it is you're about to make and that you've planned for it, and that you're holding some funds in reserve in the event of unforeseen events.

don't believe everything you read or hear - be at least a little skeptical, but also align yourselves with a quality loan officer who will shoot straight with you and not answer your questions with platitudes; one who will work his posterior off on your behalf.

there's lots more you can do to get ready, but that's good for starters.

jianhal01

Some good post to read and learn

http://www.mortgagefit.com/thinking-mortgage/index.html

Getting a home loan nowadays is not as difficult as it was earlier. I had my cousin take a home loan a few months back and he got it without any hassles. The only thing that I would like to make a note of other than the documents is you credit scores. These are very important in terms of getting a home loan and you should make sure that you have a good credit score. In case of low credit scores, there are services available to help you get your credit scores in a better shape.

jianhal01

Also you want to pay attention to your income to debt ratio. If it is too high, but your score is good then you may have some dfficulty in getting the loan

Good luck