In general, the documentation you will need includes: |
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An awareness that there are two items which are paid to third party providers: credit report ($40 - $50) and appraisal report (typically $475 - $685). However, these fees do not have to be paid in advance, and are typically built into the loan amount. Remember - "how" fees and costs get paid are all negotiable!! |
FOR PURCHASE OF A NEW HOME: |
Property Information (if you already have a contract to purchase a house) |
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Purchase Agreement. |
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Copy of legal description and MLS sheet. |
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If you are selling your current home: a copy of the listing contract. |
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If you recently sold your home: a copy of "settlement statement" (HUD-1). |
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FOR VIRTUALLY ALL LOANS:
Income & Assets |
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Pay stubs (with year-to-date earnings) for the last 60 days. |
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Add to that - for the past two years: |
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Bank & Investment statements for each bank, mutual fund, and/or investment account for the last three months. |
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Estimated value of personal property and furniture. |
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If you have made any large deposits to your accounts: |
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If you own more than 25% of your business as a corporation or partnership: |
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If self-employed (sole proprietorship or contract employment): |
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NOTE: These documents are still required if using "stated income" processing. The Stated Income loans are designed for self employed individuals, but may require other proof of actual income -- even if just for our own internal purposes. |
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If you own rental property: |
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If you are retired: |
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If you receive Social Security: |
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If you are counting child support as income: |
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Debts:
*NOTE - It is best to contact us and have us run your credit report. In this way credit entry mistakes can be avoided. And if there are errors in the bureau information, we will have time to make corrections. And, sadly, there are often errors in the reporting of your credit information. It's good to get a head-start on the process. |
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Names, addresses, account numbers, balances and monthly payments on all current loans. |
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Explanation of credit report anomalies, including: |
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Stated Income Loans |
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You may have to supply a full year of bank statements. Be prepared. This is what is called a "Stated Income - Verified Assets" loan processing format. True "Stated Income" loan processing requires better than average credit scores. |
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Miscellaneous |
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Photo ID and proof of Social Security number - this is to comply with the new United States Patriot Act, and will confirmed in escrow. |
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Residence addresses for the past two years. |
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If applicable, a copy of your divorce decree. |
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If you are not a citizen, a copy of the front and back of your green card. |