Erick P. Aguilar, Broker.
Pacific Mortgage of America
Your Trusted Mortgage Broker

call now

619-359-3202
Purchase Loan

Congratulations on taking this exciting steps toward purchasing your new home or refinancing your existing home loan. I am here to make the financing or refinancing process as smooth and straighforward as possible for you. 

Determine How Much You Can Afford

Real Estate Buyers Guide

Purchase Loan Conditions

Here's a detailed list of common requirements for obtaining a real estate purchase loan:

1. Financial Documentation: 

  • Proof of income (example, pay stubs (30 days), tax returns (two years), or profit and loss statements for self employed individuals).
  • Bank statements (two months) to verify savings and assets,
  • Credit report and credit FICO score (lenders often require a minimum FICO score).

2. Down Payment
 
  • A percentage of the property price, typically ranging from 3% to 20%, depending on the loan type. 

3. Employment Verification
 
  • Proof of stable employment or consistent income source.
  • Employment history of at least 2 years is often required.

4. Debt to Income Ratio (DTI)
 
  • Lenders assess your DTI to ensure you can manage loan payments.
  • A DTI beloew 43% is generally preferred.

5. Property Appraisal
​​​​​​
  • An appraisal to determine the property's market value to ensure the loan amount aligns with the property's worth. 

6. Homeowners Insurance
​​​​​​
  • Proof of insurance coverage for the property being purchased.

7. Pre-approval Letter
 
  • Pre-approval letter from the lender showing youreligibility and loan amount.

8. Identification and Legal Documents
 
  • Goverment-issued ID (e.g., passport or driver's license).
  • Social security number or equivalent for credit checks.

9. Additional Requirements
 
  • Purchase contract signed and initialed by seller and buyer(s)
  • Title search to confirm ownership and ensure no liens or lawsuits on the property.
  • Closing costs, which may include fees for the loan application, appraisal report, title insurance, escrow fees, etc.

These requirements can vary depending on the type of loan (e.g., conventional, FHA, VA, or USDA loans) and lender's policies. 

For more details, please feel free to contact us. We'd love to hear from you!

Location

3111 Camino del Rio N, Suite 400
San Diego, CA 92108

CA DRE Broker ID 01226399 Company NMLS ID 1405194

Copyright © 2002-2025 Strategic Agent Inc.
Real Estate Websites by Strategic Agent Inc.
Accessibility Help Skip to content Skip to menu Skip to Footer

Text Reader