What's a Home Buyer

A qualified buyer of real property is someone who meets certain criteria that indicate they have the ability and intention to purchase a property. Some characteristics of qualified a buyer/borrower Starts with someone who is of legal age and have the mental capacity to enter into a contract. Next buyers must demonstrate the ability to repay the loan / mortgage by providing proper documents when prompted by the lender to do so. The required documents are, proof of income via 2 months of current pay stubs, 2 years of tax returns, and 2 months current bank statements, these items along with a good to fair credit history will aid a buyer in obtaining a pre-approval letter from a lender. Meeting these criteria can help assure sellers that the buyer is serious and capable of completing the purchase and is indeed ready to purchase their property.