First-Time Homebuyer Counseling Tools

EDUCATION COURSES FOR YOUR HOMEREADY® AND HOME POSSIBLE® BORROWERS When borrowers purchase their first home through the HomeReady® or Home Possible® programs, they are often required by Fannie Mae or Freddie Mac to complete a homebuyer education course to help them...

GET PREAPPROVED FOR A MORTGAGE

Show sellers that you're serious with a pre-approval letter from Northeastern Realty.

Freddie Mac

No less than 6 months of the borrower’s most recent regular receipt of payment is required to document alimony/child support/separate maintenance as income.

Fannie Mae

No less than 6 months of the borrower’s most recent regular receipt of full payment is required to document alimony/child support/separate maintenance as income.

NMLS #2179146

NMLS #2179146

FHA (non-streamline)

When a final divorce decree or support order is used to document the income, a minimum of 3 months’ receipt is required.

When using evidence of voluntary payments, a minimum of 12 months’ consistent receipt is required.

If the income has not been consistently received for the most recent 6 months, the income must be average over the previous two years (or over the time period the income was received when less than 2 years.)

VA (non-IRRRL)

Proof of deposits on bank statements for 3 months, and front page and details of support payments from the divorce decree, indicating evidence of at least 3 years continuance is required.

What documents should I be ready to provide for a pre-approval?

1. Identification

Government issued ID for each borrower – this can be a state-issued driver’s license, birth certificate, or passport.

2. Proof of Income

Employees – most recent pay stubs

Self-employed – profit and loss statement

Passive income – most recent financial asset statements

3. Financial Asset Statements – At least two months of your most recent statements, including:

Bank checking and savings

Brokerage

Retirement fund – 401K, pension, self-funded ( ROTH, SEP, Individual), annuities

Trust

4. Tax Returns

Employees – W-2 forms and tax returns for the last two years.

Self Employed – Profit and loss statements, 1099, and tax returns for the last two years.

Passive Income – Tax returns for the last two years.

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