Hi, there! I’m Shikma Rubin, a mortgage loan officer at Tidewater Home Funding in Hampton Roads, Virginia.
I am licensed in Virginia and North Carolina and specialize in home loans for young professionals.
Thanks for visiting my website! If you’re thinking about buying a home, you’ve come to the right place. In this blog post, I provide the MOST important info you need to become prequalified for a loan. Once you know your purchasing power, you can then tour homes and make offers on houses in confidence.
Please know you can always contact me with any questions.
OK, let’s get started with the 4 steps.
- Name, address and phone number of your current landlord (if you rent). Most recent mortgage statement (if you own).
- Copies of your W2 for 2013, 2014 and 2015
- Full tax returns for 2013, 2014 and 2015
- ALL pages of your bank statements for the last two months. Make sure your full name, full account number and bank name appear on the statement.
- Pay stubs for the last 30 days
- Most recent 401k, mutual funds, bonds, and/or stocks account statement with all pages included
- If applicable: proof from the court you receive or pay alimony and/or child support. Along with divorce/separation and/or custody documentation
- Copy of driver’s license
- Credit report – the loan officer will pull it for you
- Any other credit documents- such as bankruptcy, foreclosure documents.
*Based on the loan program, you will need to bring additional documentation.*
VA Loans
- Statement of Service
- Current orders
- If you’re active duty, you need to complete DD1880 (request for eligibility)
- If you’re a veteran, you need to provide DD214
- Letter from childcare provider, if applicable
- Homebuyer certification
- Most recent 3-year tax returns (2013, 2014, 2015)
- Most recent 3-year W2s (2013, 2014, 2015)
- Two years of signed tax returns with all the tax schedules
- YTD company profit/loss statement
Yes, there are a lot of new words and phrases in the mortgage process. Here are three words I want you to know right now.
Down payment: The first cash payment on the real estate transaction and your vested funds in the transaction. Every loan program has a different down payment requirement, which ranges from 0-20% of the sales price.
Closing costs: Other fees and costs associated with obtaining the loan and purchasing real estate not included in the sale price. Fees include: city and state tax recording costs, appraisal, title company/attorney fees and lender costs (ex: origination and administration fees).
Mortgage payment: Monthly amount which includes principal and interest payments based on terms of the loan, interest rate and loan amount as well as real estate taxes and insurance (ex: homeowners and flood).
I have even more terminology here.
As a lender, I do a “soft pull” on the person’s credit to see if there are any new inquiries or credit lines. If I notice something unusual, I require more documentation which can drag out the process or make you ineligible for the loan.
Bottom line: as you go through the mortgage process, hold back from any huge purchases (ex: appliances, major electronics, car).
I know buying a home is a major moment and potentially the biggest purchase of your life. But if you follow the steps I outline, you will own a home in 2017!
For inspiration, read the story of Steven and Tesa, former clients of mine. Steven is in the Navy and bought his first home at age 19. Yes, even at a young age homeownership IS possible.
I would love to help you become a homeowner! My clients appreciate how I walk them step-by-step through the entire process. Here’s a testimonial:
See all of my 5 STAR reviews on Zillow!
Here I am at the closing table with Morgan (right) and her fabulous real estate agent, Jade Rouzeau!
Whether you live in Hampton Roads or Northeast North Carolina, please contact me so we can schedule a time to speak.
That way, you can become prequalified for a loan. It’s essential to become prequalified so you know your purchasing power. It’s the first step on the path to homeownership. The process is simple but so important to do.
I’m excited to hear from you!
