At the initial appointment, we will order a credit report so that we may determine your eligibility for mortgage loan programs. Also, please come prepared with the following:
- 30 Days or most recent Paystub
- 2 Years of Annual Tax Returns and W-2’s
- 2 Months Most Recent Bank Statements to verify down payment as needed
- Landlord Name, Address & Phone Number
- Divorce/Separation Agreement
- Child Support
- Social Security Award Letter
- Pension Award Letter
- Copy of Diploma (if employed less than 2 years)
*For your convenience, we can offer to receive these via email or fax.
Q: My current home is FHA, can I use that program again?
A: Yes, you can use FHA multiple times but you typically need to have sold or paid off your first home as you can only have one FHA loan at a time, although there are special exceptions.
Q: Can I use my VA again?
A: Yes, but you typically can only have only one VA loan at a time. Also, if you’re placing a larger down payment, the VA program may be of little value to you and the next time you use the VA program, fees are a little higher.
Q: Can I use equity from my current home to buy my next home?
A: Possibly. CSE will issue a line of credit for up to 80% of your current home’s appraised value and depending on credit etc., possibly 90%. You may be able to draw equity for down payment on your next home. Find out more about CSE’s equity products.
Q: Is there a way to avoid having two mortgage payments until I sell my current home?
A: Unfortunately, no. You’ll have to qualify for both mortgage payments, taxes, insurance, and any other house payments that you currently have. (For example, an equity payment if you have any type of home equity loan or line of credit.) You need to make sure that you can afford these payments. We will evaluate your income and debt accordingly as well.
Q: I’m thinking about putting my home up for sale. Is there anything I can do now to prepare for getting pre-approved?
A: Yes! You should talk with a CSE Mortgage Loan Officer to review your income, credit, down payment etc. before you sell your home.
Q: What if I want to keep my current home as a rental property?
A: That’s certainly possible. Please review your situation with a CSE Mortgage Loan officer.