Have you ever wondered what information would be needed to apply for a home loan? All of us have horror stories about how difficult it can be to buy a house, but the truth is if you are organized on the front end of the process – it will make the rest of the process very easy.
When we are working with a buyer, we always start with this checklist. Of course, everything on this list won’t apply to your specific situation – but some will. Many people have a difficult time understanding why there is SO MUCH paperwork involved with getting a mortgage. Think about this, would you be comfortable lending $500 to a total stranger? If you were hoping to get your money back, you probably wouldn’t be too comfortable with that. But, I always remind everyone to keep in mind that the lender is ready to write a check to your seller for $100,000 or $250,000 or even $400,000! Your paperwork is the only way that the mortgage underwriter has to get to know you and to know if you can pay back the loan. The underwriter is the most important person on the banking team as they typically make the final decision as to who gets approved. The more organized you are, the easier it is for the loan officer to relay to the underwriter your current financial situation… and why you should be able to buy a home.
I wanted to share this list so that you can be prepared when you are ready to buy a home.
If you would like to get started you can do so by CLICKING HERE TO TAKE OUR 60 SECOND HOME BUYER QUIZ and we will contact you to let you know what you may qualify for and explain some options to you.
Here is a basic list of items that may be needed when you are ready to buy a home:
- Last 2 Years Federal Tax Returns
- Last 2 Years W2’s / 1099’s
- Last 30 Day’s Paystubs
- Retirement/Disability/Social Security Award Letters
- Last 2 Months Bank Statement
- Recent Retirement Statement (all pages)
- Photo ID
- Child Support Paperwork (if applicable)
- 12 Month Child Support Payment History (if applicable)
- Divorce Decree (if applicable)
- Current Mortgage Statement
- Homeowners Insurance Agent – Contact Information
- Last 2 Year Work History
- Last 2 Year Rental History If Applicable
- Bankruptcy Packet (if filed in past 7 years)
- DD214 If Veteran
- Copy Of Purchase Agreement (if purchasing a home)
If you would like to see if you qualify for a Southern Indiana Mortgage – we promise to make the process easy for you. : )
Nathan Soliday, NMLS #166402
Success Mortgage Partners, NMLS #130562
190 W Becks Mill Road, Suite K
Salem, IN 47167
*Terms, restrictions, guidelines apply