San Jose FHA Loans, Mortgage Rates and Real Estate Blog

As a San Jose First-Time Home Buyer you should get a mortgage pre-approval done before you start looking for a house. Pre-approval helps you in 3 ways:

1. It lets you know how much mortgage you can qualify for. This will help you search for homes in the same price range
2. It  gives you an estimate of what your total housing payment would be, and
3. If you like a house and would like to make an offer; a  “Pre-approval” letter makes your offer stronger.

You start the process by completing a loan application. You may also be required to submit few documents. Commonly requested items include:

For Wage Earners:

• Last 2 year W2s
• 2 most recent Pay Stubs
• 2 most recent bank statements, 401(K) statements, Statement of any other liquid assets
• If Bonus/Commission income – Last 2 year Tax returns

For Self Employed:

• 2 Most Recent all bank statements
• Last 2 year Tax returns
• Last Quarter P&L statement

If you are a San Jose First-Time Home Buyer and would like to know how much you can qualify for, contact me for a complimentary session. I can be reached via email at Shashank@ArcusLending.com or via phone at 408.905.6261.