PHONE: 252-305-5255

Ken Baittinger, Outer Banks Real Estate

Your FICO Score

Ken Baittinger


Ken Baittinger, Realtor

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In general, the documentation you will need includes:


 Check for application fee

 Property Information

   (if you already have a contract on a house)

 Purchase Agreement.

 Copy of legal description and MLS sheet.


If you are selling your current home, copy of listing



If you have sold your current home, copy of settlement

  statement (HUD-1).


Income & Assets

Pay stubs for the last 30 days.


For the past two years:

 Names and addresses of each employer.


 Statements for each bank, mutual fund, and/or

    investment account for the last three months.

 Estimated value of personal property and furniture.


If you have made any large deposits to your accounts:

 • Explanation and source for deposit.


If large deposit was a gift:

 Signed gift letter (lender can supply).

 Copy of gift check.

 Copy of deposit receipt.


If you own more than 25% of a business:

 Corporate or partnership tax returns.


If self-employed:

 Tax returns for the last three years (with schedules).

 Year-to-Date Profit and Loss Statement prepared by an



If you are retired:

 Pension award granted.

If you are counting child support as income:

Copy of divorce settlement.


Copy of twelve months of cancelled child support checks.




Names, addresses, account numbers, balances and monthly payments on all current loans.


Explanation of credit report anomalies, including:


Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.


Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).



VA Loans

Copy of DD Form 214, Report of Separation.




Photo ID and proof of Social Security number.


Residence addresses for the past two years.


If applicable, a copy of your divorce decree.


If you are not a citizen, a copy of the front and back of your green card.

Raising Your FICO Score for Home Buying

You might think that the home buying process starts with getting pre-approved for a loan or with choosing a real estate agent. The quality of your wallet begins the home buying process. To make your goal of homeownership realized, considering your credit score is a must along with the type of lender for which you'll qualify in the Outer Banks area, North Carolina.


A FICO score is a review of your years of credit history based on an instrument developed by Fair Isaac and Company. The score ranges from 300 to 850, with the majority of people traditionally having a score of 650. Job loss has been common in the last few years, but FICO scores aren't necessarily adjusted "on a curve." A low score is just that and often means you can't get credit extended to you via a mortgage loan. Some of the factors in calculating your FICO score are:


Credit to Debt Ratio — How much do you owe versus how much credit you have available?

Credit Inquiries — How many times has your credit history been accessed by someone other than you?

Types of Credit — Do you have a healthy mix of credit cards and loans?

Payment History — How many late payments have you made?


When you apply for a mortgage or any other loan, lenders want to make sure that extending a loan to you isn't a risk. Your credit score gives lenders an insight into what type of borrower you'll be solely because of your credit history. You'll need a score of at least 700 to get a satisfactory interest rate. If your score is lower, you can still qualify for a loan, but the interest paid in the long run could be more than double the amount of someone with a higher credit score.



Get Pre-Qualified


Take Advantage of Loan Pre-Qualification

A number of factors determine the price range of homes you'll want to preview - one of these factors is loan pre-qualification.


As your agent, I will help you pre-qualify. Items considered when pre-qualifying for a mortgage loan include:

Employment History

Credit History and Scores

Monthly Income and Expenses


With my knowledge of the mortgage market, I'll help you make an informed decision as to the type of loan you'll want. There are many different types of loans to consider - FHA, VA, Conventional and even Bad Credit Loans. I'll find the best loan for your situation.



Loan Application Checklist


MLS Realtor

Ken Baittinger: 3732 N. Croatan Hwy Kitty Hawk, NC 27949-9208

Phone: 252-305-5255     Fax: 252-255-1226    E-mail:




All rate, payment, and area information are estimates and approximations only.