If you’re going to buy a house, you need to prove your income

    We all remember the problems the housing crisis of 2008 brought us.  Ever since then, there have been certain rules put in place to make sure that homebuyers have the money they need to buy a house.

    The Powell Group encourages you to look over the following items to make sure you can prove you have what it takes to buy your home.  Having these items will help you in the long run.

    Make sure you can prove you have enough money to buy your dream house
    Make sure you can prove you have enough money to buy your dream house

    First of all, make sure you’ve kept your tax returns.  It is recommended to have at least the last two years of returns to show you have the consistent income needed to pay for your dream house.  In 2016, you know it’s possible to go online and get them.  So, save yourself any problems and retrieve them.  If you don’t know how to do this, your tax office – or even your lender – can show you how.

    Pay stubs are also essential.  They will show the detailed proof a lender might need to see your income.  While your tax returns may show a summary, your pay stubs will give all the details they need regarding what was taken out of each check.  The FICA and other information will come in handy.

    Lastly, your bank statements will also be needed as proof.  Any information that shows steady income will only benefit you.  The statements will show another summary of your income.  But, it will also show your expenses during those months.  This information will help your lender decide whether or not you have the liquid finances to back up your home loan.

    The Powell Group is here to help you with any information you need.  Our team members are also here to answer all of your questions and concerns.

    If you are moving within the Western Upstate of South Carolina, log on to our website and look at our beautiful homes.  We are sure you will find exactly what you are looking for.

    (Picture used from Flickr)

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