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Identification: You will need to provide government-issued identification, such as a driver's license or passport.
Proof of income: You will need to show proof of income, such as pay stubs, tax returns, or bank statements.
Credit report: Your lender will require a credit report to assess your creditworthiness and determine the interest rate on your mortgage.
Employment verification: You may need to provide proof of employment, such as a letter from your employer or recent pay stubs.
Bank statements: You may need to provide bank statements for the past few months to show your financial stability.
Appraisal report: If you are purchasing a property, you may need to provide an appraisal report to assess the property's value.
A conventional mortgage is a loan that is not insured by the government, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). These loans typically have stricter requirements, such as higher credit scores and larger down payments, but can offer lower interest rates and more flexible terms.
Yes, first-time homebuyers can qualify for a conventional mortgage. However, you will need to meet the lender's requirements, such as having a good credit score and enough savings for a down payment.