When you relocate to a new area, as long as you are in the same line of work, your income will be averaged from the last 24 months and that will be what they qualify you on. FNMA and Freddie MAC are the entities that make up the rules defining what is acceptable, because most mortgage brokers and banks would go broke if no one bought the loans they made.

The standard ratios that Lenders like to see, assuming 5% Down Payment and absolutely perfect credit, no more than 33% of your gross income going towards car payments, installment debt, mortgage, etc. With 10% down payment, they increase to 38%, providing your credit is perfect. If you are putting 20-25% down on your home, a whole new world of options unveils. There are loans without income verification with good credit. Some offer no qualifying with 25% down etc.
To compare interest rates, you must do it in the same day as all rates are tied to an index that changes daily. You can lock your interest rate within 60 days of closing. I can recommend several Lenders that have the least expensive fee structures for securing the loan and the most competitive rates. Also, when you shop new homes the Builders may give you incentives to use "their preferred lenders" but my Lenders usually beat their incentive! If they can't, they will let you know right up front. I always recommend that my clients have a second opinion on new homes.

In today's global market, Lenders will ask lots of questions and you need to be prepared to answer them. Here is a check list for your convenience:

Delay in getting any of this information to your lender may cause your loan not to close on time. If you do not close as per the contract, you can loose your earnest money. So time is of the essence.

Property:

• Sales contract
  
• Property Description/copy of the listing
  
• Current loan information and/or landlord information

Personal:

• Most recent pay stubs covering 30 days
  
• W-2 forms for the previous 2 years
  
• Signed IRS tax returns, all pages for previous 2 years
  
• Year to date profit and loss statement for self employed
  
• Corporate tax returns and all schedules for the preceding 2 years
  
• Social security and/or pension award letter
  
• Divorce decree and/or separation agreement
  
• Letter of explanation for any gaps in employment within the last 2 years
  
• Alimony and/or child support information
  
• Driver's license and social security card

Assets:

• All pages of all bank statements for the last 2 months
  
• IRA's, 401K, CD's, Annuity, checking, savings, etc.
  
• If receiving a gift, you must have a copy of the check, copy of account where it came from, copy of deposit receipt and a letter explaining that it is a gift and doesn't need to be repaid.
  
• Cancelled earnest money check and receipt from title
  
• Lease agreement or sales contract on all real estate owned
  
• Stocks and bonds if not in brokerage account, all pages

Liabilities:

• Alimony and/or child support agreement
  
• Name and address of current landlord
  
• Credit explanation letter with original signature

Other:

• Hazard insurance (name, phone & policy number)
  
• Original certificate of eligibility (DD214) for veterans
  
• Homeowners Association phone number and name.