What do I need to have ready for my pre-qualification interview?

Salisbury Neighborhood Housing Service, Inc. (SNHS) will schedule a pre-qualification interview with anyone interested in becoming a homeowner. This interview checklist helps to determine your eligibility, however does not make you obligated to purchasing a home. The following information must be gathered prior to pre-qualification interview:

1. Your driver’s license (or other form of photo ID) and that of any co-applicant.
2. Your social security card and that of any co-applicant.
3. Verification of your current rent or mortgage payment, dates of residence, and landlord’s name, address and phone number.
4. Name, address and phone number of your employer(s) for the last 2 years if applicable.
5. Proof of your current income: Your most current 2 months pay stubs or vouchers, Name, address, phone number of your employer(s) for the last 2 years, and dates of employment award letters showing the amount of Social Security, Welfare, or Veterans Administration benefits. If you receive any income from pension or annuity plan, or any rental or other income, include proof of this.  If self-employed, a year to date Profit & Loss Statement is required in addition to the annual tax return.
6. Last 2 years W-2 forms and last 2 years income tax returns (please make sure the forms are complete). If you do not have these readily available, the IRS tax office can provide printouts upon request.
7. Assets: Most current 3 months statements of all checking and savings accounts, securities accounts, CD’s, etc., and information on other significant assets such as real estate, paid automobiles, antiques, jewelry, etc. Documentation of at least $1,000 in Savings.
8. Statements of all existing loans and obligations, such as mortgages, auto loans, student loans, personal loans, credit union loans and revolving credit/charge accounts.
9. Completed “Income and Expense” budget sheet .
10. Copy of divorce decree or separation agreement if applicable.
11. All bankruptcy papers. (if applicable) The bankruptcy must have been discharged for at least 2 years.
12. Pulling a credit report – we will charge you $66.63/individual and $118.70/per couple.  This fee is payable by check or cash (if cash, have the exact amount please. Pre-qualification cannot be made without a credit report.
13. An application fee of $100.00 is due at the time of formal application once a borrower is pre-qualified and a sales contract is signed by both the buyer and seller. A home inspection and an appraisal are required at your expense by the partner bank prior to final approval. A termite inspection will also be required (dated within 30 days of closing date). These fees are non refundable once the service has been provided.

Register for the next Homebuyers Education Workshop. The completion of this class is required for all loan products. Taking the class as early as possible will greatly help in searching for and purchasing a home and preparation for the mortgage process.

Please call 410-543-4626 and ask to speak with Jane Hoy (jhoy@salisburynhs.org) for a pre-qualification appointment.