Buyer’s Guide

Important Tips When Your Loan is in Process:

• Do not apply for new credit, or make large credit purchases during the loan process (this may affect your approval)
• Be responsive with your Loan Office to avoid delays in processing or underwriting
• You will receive an e-mail to submit payment for your appraisal – promptly submit payment online
• Funds outside of your regular employment are required to be verified
• Cash is not an acceptable source of down payment
• If your credit is frozen, make sure to unlock your credit with all major bureaus
• Be prepared to provide documents in different stages of the loan process as some documents expire
• Documents often expire, therefore you might be asked for updated docs during the process
• Contact an insurance agent for Homeowners insurance and Flood insurance quotes (if applicable)

Remember, to receive a loan estimate you’ll need to submit six key pieces of information:

• Your name
• Your income
• Your Social Security Number
• Address of the home being purchased or refinanced
• An estimate of the home’s value
• The loan amount you want to borrow

It’s that simple! Get in touch with us to discuss the details of your financing requirements.

Checklist For Purchase & Refinance Transactions

After submitting your online application, the following information is typically required to obtain a Pre-Qualification and/or Pre-Approval. The same set of documents and more are required to initiate the loan process. Keep in mind, not all documents may be necessary since every situation is unique in it’s nature.

Income Documents:

• Your IRS 1040 Tax Returns for the most recent two years, include all schedules and attachments
• If self-employed- year to date profit and loss statement, plus signed returns for the last two years
• Your IRS Form W2’s and/or 1099’s for the most recent two years
• Most recent consecutive 30 days’ pay stubs (if applicable)
• If you receive any other income provide information- pension, social security, child support, stocks, bonds, dividend
• Name, address, telephone numbers for all employment held during the past two years. If a gap of employment greater than 30 days exists, detail dates and reason for gap

Asset Documents:

• Bank statements for the most recent two months | we can also gather assets online via AccountCheck (our online asset verification platform)
• Provide source of funds for any large deposits not part of your employment income
• Investment account statements for the past two months (if applicable)
• Retirement account statements for the past two months (if applicable)
• Copy of escrow check pursuant to a Purchase and Sale Agreement (if applicable)

Credit Documents – all pages, front and back, necessary:

• Copy of Bankruptcy Discharge (if applicable)
• Copy of Divorce Decree and Settlement Agreement (if applicable)
• Copy of Child Support document (if applicable)
• Copy of Litigation (if applicable)

Identification Documents:

• Copy of your Social Security card
• Copy of your Driver’s License
• Copy of your Resident Alien Card (green card), if not a US Citizen

If you currently own Real Estate:

• Mortgage statement
• Home insurance policy information
• Home equity statement (if applicable)
• Copy of most recent Survey (if applicable)
• Owners Title Policy
• Homeowner’s/flood insurance policy

Miscellaneous:

• Copy of fully executed Purchase and Sale Agreement (contract) including addendums and copy of earnest money deposit
• Letters of explanation for any derogatory credit events such as foreclosure, short sale, judgments, collection and / or late payments
• Gift Eligibility: if part of your funds for down payment and/or closing are coming from a gift connect with your Loan Officer to review eligibility requirements. (there are specific instructions to handle gift funds)
• Additional monthly debt that is not reported on your credit report: IRS payments, child support, private loans, etc
• Certificate of Eligibility, if you are applying for a VA loan

Connect with us if you have any questions about the mortgage financing process. We welcome the opportunity to work with you!