Once you know how much house you can afford, you’re ready to get pre-approved for a loan. Pre-approval is earned after your lender evaluates your employment status, income, assets, liabilities and available down payment. Some sellers only accept offers from pre-approved buyers, making this an important step toward home ownership.
The benefits of getting pre-qualified by a lender
- You'll know your monthly payments
- Helps determine which houses you can afford
- Ability to select the best loan package without pressure
- Sellers will be more responsive to your offer
- to contact a mortgage lender from UICCU click here
Contact a Lender
For additional information on UICCU Lenders, click here.
How to pay for a home
A Mel Foster Co. real estate expert will show you various financing options. Depending on the price of the home, sale of your current home, and/or the amount of your down payment, there may be several options that fit your personal situation.
- VA (for military veterans only)
- FHA (Federal Housing Administration)
- Conventional (Fixed rate over a set number of years)
- Other options include owner finance, first time home buyer programs, loan assumptions and lease purchase
Meeting with your lender
Gather all of your paperwork and be prepared for your appointment. Collect these documents:
- Tax returns from the last two years
- All W-2 tax forms from the last two years
- All account statements, such as credit card, checking and saving accounts
- Three most recent pay stubs
- A letter of promotion notice, if this applies to your job situation
- CD's, 401k, 457, and all other retirement account statements
- Identification (such as a driver's license)
- How much of your savings will go towards your down payment and closing costs, if any?
- Where have you worked in the last two years?
- What are your monthly long-term debt payments (including student loans, other loans & car payments)?
- Do you have child care expenses or pay alimony?
- Have you ever declared bankruptcy?
You may qualify for housing programs that can make your home more affordable.
For new construction or existing homes in Davenport, Iowa
Rock Island Economic Growth Corporation Homebuyer Program
For eligible homebuyers in Rock Island, Illinois
Moline’s Planning and Development Department
For eligible home purchases or rehabilitation in Moline, Illinois
Iowa Mortgage Credit Certificate
For eligible homebuyers in Iowa
Military Homeownership Assistance Program
For eligible service members and veterans in Iowa