For most of us, home is a very special place and represents the largest liability we will incur during our lifetime. When a lender commits to invest with you in your home, they require some assurance that you will be able to meet your end of the agreement.
Whether you are a first-time homebuyer who has been waiting for the perfect chance to make your move or someone who is getting ready to move to a larger or smaller home based on changing needs, it’s a good idea to be prepared for the loan process beforehand. Here are some guidelines as to what information you will need to provide when we complete your application.
Your previous address history for the last two years and how long you have lived in each place. If you currently rent, your landlord’s name and address (for the last 12 months).
Employment & Income History
The names and addresses for all your employers for the last two years, the dates you worked at each place of employment and a letter explaining any gaps in your employment for the last two years. You will also need original paystubs for the last 30 days, most recent two years of W-2’s and most recent two years of 1040’s.
If self-employed, a year-to-date profit & loss statement and a current balance sheet of your business must be supplied. You will need paystubs that show the most recent 30 days of pay. If you were a student in the last two years, a copy of your transcript or diploma. If retired or disabled, an award letter or copy of the most recent check received for retirement, social security or disability income.
Savings, Checking, & Investment Accounts
The name for each financial institution and the account number, the current balance or value, 3 months of statements for all accounts on the application.
All Real Estate Currently Owned
The property address, the estimated market value, outstanding loan balance & the amount of your monthly payment. If applicable, the amount of your monthly rental income.