We like to make it easy on our clients when it comes to helping purchase their next home. We have put together a complete checklist for you to make things a bit more easy.
Know exactly what you can afford before you start searching for a home.HOME PURCHASE QUALIFIER
A Loan Originator takes the consumer’s application and collects the items needed for review. Here is a list of items a consumer should be prepared to submit to their Loan Originator:
• Pay stubs for the last 30 days.
• W-2 Forms for the last two years.
• Child Support/ Alimony – friend of the court printout or 12 months cancelled checks. (Child support or alimony income can be used if you received it for the past 12 months and it will continue for at least 3 years into the loan period. However, it need not be included if it is not to be considered as income available to repay the loan.)
• Awards letter for Social Security and 1099 disability income.
When income is derived from rental income, commission, interest, or sources of income other than salary, tax returns may be required.
If pension income is used we must be able to confirm it will continue for at least 3-years. Need 1099’s, awards letter and copy of bank statements if direct deposited. Annuity income can be used.
• Copy of the annuity contract and 1099’s.
• Original bank statements for last two months, including savings, checking and investment accounts.
• Stocks and securities account statements for the last two months.
• HUD settlement statement if using the funds from the sale of a property.
• Sale of asset – proof of ownership, proof of sale, and proof of funds transfer.
• For gift funds – a gift letter, evidence of transfer, and sometimes evidence of withdrawal.
• Signed, completed tax returns for the past two years, including personal, partnership, and corporate, if applicable, and all schedules.
• Year-to-date business profit and loss statement for current year, if more than three months have passed since the end of the tax year.
• Cancelled rent or mortgage payment checks for the past 12 months, if not available on credit report.
• Copy of land contract, if possible.
• Child Support / Alimony.
• Bankruptcy / Consumer Credit, if received.
• Purchase agreement, including legal property descriptions and any addendum.
• Divorce decree.
• Explanation of discrepancies and inquiries on credit
If you have any additional questions, please call us at 909.335.0430 or be sure to email our front desk at email@example.com so your question can be sent to the appropriate team member.