Home Loans By Nicole Newton

  • Call: (806) 367-4348

Conventional Loans

Ideal for borrowers with strong credit, a stable income and employment history, and a down payment of at least 3 percent.

What are Conventional Home Loans?

Minimal documentation

A conventional home loan is one that’s not guaranteed or insured by the federal government. Conventional mortgages are ideal for borrowers with good or excellent credit, and offer ideal rates based on your credit score.

Requirements

Proof of Income

These documents will include, but may not be limited to:

  • Thirty days of pay stubs that show income as well as year-to-date income
  • Two years of federal tax returns
  • Sixty days or a quarterly statement of all asset accounts including your checking, savings and any investment accounts
  • Two years of W-2 statements

Borrowers also need to be prepared with proof of any additional income such as alimony or bonuses.

Assets

You will need to present bank statements and investment account statements to prove that you have funds for the down payment and closing costs on the residence, as well as cash reserves. If you receive money from a friend or relative to assist with the down payment, you will need gift letters which certify that these are not loans and have no required or obligatory repayment. These letters will often need to be notarized.

Employment Verification

Lenders today want to make sure they are loaning only to borrowers with a stable work history. Your lender will not only want to see your pay stubs, but may also call your employer to verify that you are still employed and to check your salary. If you have recently changed jobs, a lender may want to contact your previous employer. Self-employed borrowers will need to provide significant additional paperwork concerning their business and income.

Other Documentation

Your lender will need to copy your driver’s license or state ID card and will need your Social Security number and your signature allowing the lender to pull your credit report.

Nicole Newton

SENIOR MORTGAGE LOAN OFFICER
NMLS ID: 264547

Phone: (806) 367-4348
Email: nicole@homeloansbynicole.com

Need more information?

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