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5 tips for first-time homebuyers

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Organize documents
Organize documents | PeopleImages.com/Getty Images

Organize documents

When applying for mortgages, homebuyers must document income and taxes.

Typically, mortgage lenders will request 2 recent pay stubs, the previous 2 years' W-2s, tax returns and the past 2 months of bank statements -- every page, even the blank ones.

"Why it has to be every single last page, I don't know. But that is what they want to see. I think they look for nonsufficient funds or odd money in or out," says Floyd Walters, owner of BWA Mortgage in La Canada Flintridge, California.

Buying a home can take a long time, but knowing what you need and where to find it can save time when you're ready.

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