If you’re like most people, you’ll need a mortgage to buy a home in Grand Junction or the surrounding communities.
But what does it really take to qualify for a mortgage, and is it something you’re really ready to do?
What it Takes to Qualify for a Mortgage
First things first: get a copy of your credit report. Thanks to the Federal Trade Commission, you’re entitled to one free copy of your credit report from each of the major credit reporting bureaus (Equifax, Trans Union, and Experian). You can get yours from https://www.annualcreditreport.com/.
Check it for errors, and if you find any, write to the credit bureau that’s reporting them. You need to clear up as much as you can before you begin applying for a mortgage.
What You Need to Show a Lender
Each lender has different requirements, but generally, you’ll need to show:
- A copy of your driver’s license or state ID
- Two years of tax returns (the whole thing – all the schedules and all pages)
- Your two most recent pay stubs
- A copy of your current mortgage statement (if you already own one home)
- Insurance documents
Your lender will most likely have a big list of documents you need to gather as part of the application process. Every lender is different, but the documents listed here are pretty standard.
Do You Need 20% Down?
There are several programs that allow you to put down less than 20 percent of the home’s purchase price as a down payment. However, some of these programs require you to pay private mortgage insurance premiums, so it’s important that you find out exactly how much house you can really afford before you start your search.
Are You Looking for a New Home in Grand Junction?
We’d love to help you find your next home in Grand Junction or the surrounding communities.
When you’re ready, call us at 970-765-4135 or get in touch with us online. In the meantime, use the links below to browse Grand Junction real estate listings that fit within your general price range.
- Grand Junction, Colorado homes for sale from $100k to $200k
- Grand Junction, CO real estate from $200k to $300k
- Homes for sale in Grand Junction between $300k and $400k
- Grand Junction real estate listings between $400k and $500k
- Grand Junction, Colorado homes for sale from $500k to $600k
- Grand Junction, CO real estate from $600k to $700k
- Homes for sale in Grand Junction between $700k and $800k
- Grand Junction homes for sale from $800k to $900k
- Grand Junction, Colorado homes for sale from $900k to $1 million
- Grand Junction, CO real estate listings over $1 million