Obtaining a home loan does not have to be a difficult process. Selecting a quality lender and furnishing them with the proper data will help your home purchase go smoothly.
Your lender will need:
• Landlord’s names, addresses and phone numbers for the past two years.
• All pay stubs each applicant has received for the past 30 days.
• W2’s for two previous tax years from each applicant.
• Bank statements for all checking, savings, money market, and all other asset accounts for the previous 3 months.
• If you own rental property, you will need to provide lease agreements on each property and probably your last two year’s tax returns.
• College transcripts or high school diplomas if you have recently entered the work force.
• Documents verifying receipt of other income (retirement, disability, etc.) Most of the time award letters will be required.
• Credit report fee of approximately $75 and appraisal fee (FHA and VA =$350, VA proposed construction = $375, Conventional = $375)
• Bankruptcy and discharge papers, if applicable.
• Copy of your driver’s license and Social Security card for FHA loans.
• Divorce decree, if applicable.
• If you are receiving child support, your lender will need proof of payments. You can obtain a print out from the child support office if your ex-spouse is paying in that manner.
• Two years complete personal and business tax returns.
• A current profit and loss statement no more than 60 days old.
FOR VA LOANS, YOU WILL NEED THE FOLLOWING:
• DD214 discharge document or Statement of Service if currently in the service.
• Eligibility Certificate if previously received.
• All information on previous VA loans (property address, mortgage, loan number, date sold, etc.)
ITEMS THAT MAY HINDER YOUR LOAN APPROVAL:
• Do not open any new loans before your mortgage loan closes or while it is in process.
• Do not charge up large amounts on your credit cards before your mortgage closes or while it is in process.
• Do not have any late pays on open loans or credit cards before your mortgage loan closes or while it is in process.
• Do not make large deposits or large withdrawals in any of your bank accounts before your mortgage loan closes or while it is in process.
• Do not change jobs before your mortgage loan closes or while it is in process.
If any of the scenarios listed above is likely to occur, you need to inform your mortgage loan officer in order to receive further instructions.
For assistance in locating and acquiring your new home and selecting a lender that is best for you, contact Charles or Mary.
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