How Can I Get Pre Qualified For a Mortgage Loan T​o Determine My Budget?

FIRST TIME HOME BUYER - PRIMARY RESIDENCE

• Low down payment (as low as 3.5%) 
• Minimum 500 credit score with 10% down and minimum 580 with 3.5% down (typically) 
• Must be primary residence 
• Easier qualification for first-time buyers 

PRELIMINARY DOCUMENTS NEEDED

• ALL pages of your last 2 years of tax returns.
• Last 2 years of W-2 and/or 1099.
• Recent pay stubs if W-2.
• ALL pages of recent bank statements.

• Down payment: 3%–20% 
• Credit score usually 620+ 
• Lower long-term costs with good credit 
• Primary, second home, or investment allowed 

Preliminary Documents Needed

• ALL pages of your last 2 years of tax returns.
• Last 2 years of W-2 and/or 1099.
• Recent pay stubs if W-2.
• ALL pages of recent bank statements.

• 0% down payment (eligible veterans/service members) 
• No PMI required 
• Flexible credit requirements 
• Must meet military service eligibility 

Preliminary Documents Needed

• ALL pages of your last 2 years of tax returns.
• Last 2 years of W-2 and/or 1099.
• Recent pay stubs if W-2.
• ALL pages of recent bank statements.

• 0% down payment 
• Must be in eligible rural/suburban area 
• Income limits apply 
• Primary residence only 

Preliminary Documents Needed

• ALL pages of your last 2 years of tax returns.
• Last 2 years of W-2 and/or 1099.
• Recent pay stubs if W-2.
• ALL pages of recent bank statements.

• For higher-priced homes above conforming limits 
• Typically 10%–20% down 
• Higher credit score required (usually 700+) 
• Strong income and reserves needed 

• Flexible income documentation (bank statements, assets) 
• Credit score varies (often 580+) 
• Higher down payment (10%–25%) 
• For self-employed or unique income borrowers 

• Based on rental income, not personal income 
• No W-2 or tax returns required 
• Typically 20%–25% down 
• Credit score usually 620+ 

PRIVATE LOAN- NO CREDIT OR INCOME VERIFICATION

• 30% Down Payment of the purchase price plus closing costs.

HOW TO PREPARE AND WHAT TO EXPECT DURING THE HOME BUING PROCESS

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​Buying a property always seems like such a daunting and pressure-filled task—but it doesn’t have to be! No matter where you are on the property ladder, our professionals will help you every step of the way. At Acosta Real Estate Team, our goal is to provide you with expert, caring and candid advice throughout one of life’s most important transactions.

ACTION PLAN TO BUY IN THE FUTURE

• Save up for a down payment if needed.
• Get prequalified with a lender to make sure you know your budget, have all of the necessary documents required, and have your finances in order.

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THE BUYING PROCESS

• Once you have a up to date pre qualification letter, we will match up homes that fit your criteria and view them.
• Send offers on desired homes.
• Once an offer is accepted, we are under contract.  An earnest money deposit will need to be held with a title company.
• Due diligence period (inspection, home appraisal, final loan approval). Inspection period, this is where you can send an inspector to the property and make sure what you are getting into and if the property needs any repairs or replacements.  This can then be re negotiated back to the seller.  Appraisal period (if aplicable), this is where your bank/lender will make sure the property is worth the contract price.  Receive final loan approval.
• Obtain Homeowner Insurance.
• Get the Keys to Your Dream Home and apply for homestead exemption if primary residence.