We understand that your dream is to buy a home. Not a mortgage.
We offer a personal, local experience with competitive rates, dedicated service and unique home loan options. Together, we’ll find the loan that feels like home.
The RGCU difference
Rio Grande Credit Union was built by our members and for our members, and our top priority is helping you find the best financial solutions for your unique situation. We do this by offering a variety of home loan programs that can fit your financial future.
We'll help you choose from a variety of mortgage rates and terms, based on your finances and how long you plan to stay in your home.
- A personal, local experience
- Fast processing
- Unique home loan options
- We retain servicing, so you'll always deal with RGCU
Take the first step to your home dreams by seeing how much you can borrow by getting pre-qualified. A pre-qualification can give you a leg up in a competitive market, and can ease your mind when taking on the task of financing a home.
You will need to provide the following for a mortgage loan:
1. Tax returns
We will need to get the full story of your financial situation. You’ll need to sign a Form 4506-T, which allows us to request a copy of your tax returns from the IRS. We will ask for two years’ worth of tax returns. This is to make sure your annual income is consistent with your reported earnings through pay stubs and there aren’t huge fluctuations from year to year.
2. Pay stubs, W-2s or other proof of income
We will ask to see your pay stubs from the past month or so. Your tax returns help give us a clear idea of your overall financial health, while pay stubs help us gauge your current earnings. If you’re self-employed or have other sources of income (such as child support), you may need to show proof through 1099 forms, direct deposits or other means.
3. Bank statements and other assets
When assessing your risk profile, we may want to look at your bank statements and other assets. This can include your investment assets as well as your insurance, such as life insurance. This is to make sure you have several months’ worth of reserve mortgage payments in your account in case of an emergency. We also check to see that your down payment has been in your account for at least a few months and did not just show up overnight.
4. Credit history
In order to assess you as a borrower, we will pull your credit report — with your written permission. You may need to explain any blemishes on your credit report.
5. Gift letters
Your friends and family might help you buy a house by giving you money. If that’s the case, you’ll need to provide a written confirmation the money is indeed a gift and not a loan. The documentation should list their relationship to you as well as the amount of the gift.
6. Photo ID
You’ll need to provide a photo ID, such as a driver’s license. This is simply to prove you are who you’re claiming to be.
7. Renting history
For buyers who don’t already own a home, we will request proof that you can pay on time. We may ask for a year’s worth of canceled rent checks (check that your landlord has cashed). Or, we may ask your landlord to provide documentation showing that you paid your rent on time. Your renting history is especially important if you don’t have an extensive credit history.