Before being accepted into the home ownership program SHBA prescreens every applicant. During the analysis SHBA personnel calculate current debt, monthly income and then age all outstanding derogatory debt on the applicant’s credit report. Using established relationships between debt, income, and credit aging. SHBA ensures that the customer will be able to purchase a home within 6-months or less.
Applicants who are accepted and enroll in the SHBA program will have their information reviewed by a mortgage professional and will be classified as either Qualified or Non-Qualified Approvals. Qualified Approvals, those with acceptable employment, income and credit, will purchase their home right away. Non-Qualified Approvals can be connected with one of our Credit Professional and within 3-6 months most clients are ready to purchase their first home. Let’s Get Started!!
What documents do I Need to Qualify?
The last 2 years of W2’s from ALL your employers
The last 2 years of personal Federal tax returns, all pages, all schedules required
If Self-Employed, Business returns for the last 2 years (all pages and schedules are required)
30 days most recent consecutive paystubs, all jobs
Dates of employment on all jobs, in the last 2 years, with addresses and phone numbers
Dates and addresses for the last 2 years of residence, indicate own, rent, or live rent free
2 months recent consecutive bank statements, with your name, account #, and bank name
Most recent statement for retirement, 401k, IRA account and TERMS OF WITHDRAWAL are required, all pages
Copy of Photo State ID or Driver’s License, not expired
Additional items may be required
Don’t make any large deposits or any other changes to your bank accounts without discussing with your loan officer
Don’t Apply For New Credit. Every time that you have your credit pulled it can change your credit rating which could change your loan terms and rate
Don’t make any late pays On Existing Accounts, One,30-day late notice can cost you points from your credit score immediately and you will no longer be eligible for the loan