The path to homeownership is not a difficult one; with the help of Hughes Federal Credit Union, you’ll be well on your way to becoming a homeowner. Here’s how:
Begin with a pre-qualification
This is the most important step. Our mortgage loan representatives will ask you a series of questions in order to understand your current financial standing. Using this information, they will determine whether you will be eligible for a loan in the future. Most REALTOR®’s will want to see your pre-qualification before showing you any properties. Make sure you have your pre-qualification ready.
Submit your application
Once you have found your home, property or builder, make an appointment to see your Hughes Mortgage Loan Representative to complete your application.
Here is what you’ll need:
Current proof of address, as well as the previous two years,
Social Security numbers,
Employment history, with names, addresses, and phone numbers of current employer, as well as for the previous two years,
Bank account information, including current balances,
Investment information and any documentation showing ownership of homes and property. We’ll need to know the address, current market value, and the amount owed on an existing mortgage,
Your current debt, names of creditors, account numbers, current balances and monthly payment amounts,
Tax returns for the last 5 years.
Once the income-to-debt ratio has been verified, Hughes Federal Credit Union will issue an approval on your loan request and will have the property evaluated.
Once your paperwork has been completed and the home or property has been evaluated, the loan is sent for final approval and closing.
