Before you start the buying or selling process, you'll want to do a little homework. For a free consultation and information on homes that have recently sold in your area of interest, click here.
QUALIFYING FOR A HOME LOAN IS A LOT EASIER WHEN YOU CAN PROVIDE THE ITEMS ON THE FOLLOWING CHECKLIST AND ADHERE TO THE COMMANDMENTS OF CREDIT BELOW:
Checklist of Items Your Loan Officer Will Need to Process Your Loan Application
- Pay stubs for the last 30 days.
- For the past two years: Names, addresses, and contact information to Human Resources or Accounting Department of each employer.
- Signed Tax Returns, W-2s (and 1099s if applicable) for past two years.
- Statements for each bank, mutual fund, and/or investment account for the last two months. All banks, all accounts, all pages.
- If you have made any large deposits to your accounts: Explanation and source for deposit.
- If you own more than 25% of a business: Corporate or partnership tax returns.
- If self-employed: Tax returns for the last two years signed and with all schedules; Letter from CPA stating that you have been self employed for "x" years and that any and all funds in personal and business accounts may be used for the transaction and will not have any adverse effect on personal or business financial status.
- If you own rental property: Tax returns for the last two years and current rental agreements.
- If you are retired: Pension and/or Retirement Award Letter and last 2 received checks.
- If you receive Social Security: Social Security Award Letter and last 2 received checks.
- If you are counting child support and/or alimony as income: Copy of divorce settlement; Copy of twelve months of cancelled child support checks.
- VA Loans: Copy of DD Form 214, Report of Separation and Certificate of Eligibility
- Drivers License and Social Security Card
- Residence addresses for the past two years. (if Rental, contact information for landlord)
Keep in mind your credit score plays a key role in securing a competitive interest rate. Make sure you protect it before and throughout the entire lending process.
TEN COMMANDMENTS (When Applying for a Mortgage)
- Thou shalt not change jobs, become self-employed or quit a job.
- Thou shalt not buy a car, truck, van, motorcycle or any form of recreational vehicle.
- Thou shalt not increase debt balances or let current accounts fall behind.
- Thou shalt not spend money you have set aside for closing.
- Thou shalt not omit debt or liabilities from your loan application.
- Thou shalt not buy furniture.
- Thou shalt not originate any inquiries into your credit.
- Thou shalt no make large deposits without checking with your Loan Officer.
- Thou shalt no change bank accounts.
- Thou shalt not co-sign a loan for anyone.