Before you buy a property in Tampa real estate, it's advisable to shop first for a loan mortgage. When you do this, compare the different offers of lenders and request a good faith estimate (GFE) so you can make comparisons on the costs of each type of loan.

You should also check your carefully inspect your credit report; you can get a copy of this without any cost as you're allowed to acquire a free annual credit report. See if there are any mistakes and if you find one, call the creditor and have it fixed right away. Also, pay attention to late payments as it can badly affect your FICO score.

FICO is a complicated credit-scoring formula that evaluates the risk which a borrower may be able to default. The term "FICO" stands for Fair Isaac Corporation, the company responsible for developing it (The Fair Isaac Corporation was named after the founders Bill Fair and Earl Isaac, an engineer and a mathematician, respectively).

If you do have a low FICO score, you may still get an FHA loan as it doesn't depend on FICO scores. An FHA loan requires a minimum down payment of 2.85% of the home's price.

The following are the paperwork you need to prepare so that the lender can start processing your mortgage loan application:

1. Employment Verification Form - The lender will send this to your employer to verify if you're really employed. Tell your employer to expect to receive this. You should ask your company's human resources department to immediately send it back.

2. Wage and Tax Statement or W2s - This is handed out by your employer for one calendar year and the one you attach to the income tax returns. Normally, lenders ask for the two previous years of your W2s.

3. Current Pay Slips - You need to prepare the last two of your pay slips. Do not give the originals so make sure to have them photocopied.

4. Bank Statements - There are some lenders that request two months of bank statements, but others ask for three months. Make copies of every page of these.

5. Federal Tax Returns - Last year's tax returns are required by lenders, but if you haven't filed it yet, the two previous years of your Federal tax returns will do. Just include all schedules and remember to check if they are signed by you.

6. Copy of Driver's License - Have your latest driver's license photocopied; it must include your photo. Bring this with you for identification purposes if you're going to personally meet the lender.

7. Asset Statements - Make a copy of all your asset statements, if you own any. Generally, lenders favor hard copies over soft ones; however, online statements are also acceptable. Assets include, but are not limited to, the following:

• Mutual Funds

• Retirement Accounts

• Stocks

• Bonds

Being prepared is very important if you want to buy the house you want from the available Tampa homes for sale. In addition, you should not pay any money (some ask for a credit report fee) until you have decided what mortgage lender to use, even though credit report fees and appraisal must be paid in advance, but only when you're all set to accept the mortgage loan.