What's Next
The first item that requires your attention is the selection of a lender and completion of a mortgage application.
Lender selection must be accomplished within five (5) working days from the date of the Purchase Agreement. Your loan officer's job is to understand your particular financial circumstances completely. All information on the application will be reviewed at your meeting with the loan officer. Rarely does a situation arise that your loan officer has not encountered in the past. Do not hesitate to discuss any concerns that you have regarding your assets, income or credit in order to prevent processing delays or extra visits to deliver documents. Please note that your closing costs will be paid if our Smart-Financing® program is utilized. Please ask your New Home Consultant for details.
The amount of documentation and information required for a mortgage can seem overwhelming. You can facilitate the application process by collecting as much of the needed information as you can before your appointment. The following checklist is provided as a general guide to assist you with the loan application. Some of the items shown may not apply to you and there will be specific items not mentioned below that your lender might request.
- Your Purchase Agreement. It will include a legal description of the property and the price.
- Social Security card and driver's license for all borrowers.
- Addresses past and present for two (2) full years. Include name of mortgage company and/or names, addresses and phone numbers of landlords.
- Divorce decree and separation agreements, if applicable.
- VA loan - copy of DD-214 form and original Certificate of Eligibility. (If active duty, Statement of Service is required.)
- Current pay stubs from the last 30 days and two (2) years of W-2 forms for all borrowers.
- Place of employment information is needed - past and present for two (2) full years, name of immediate supervisor, phone number, address, gross income and any overtime, bonus, etc.
- Income tax returns. If borrower(s) are self-employed, two (2) full years of past income tax returns, signed and dated with original signatures are needed.
- If the borrower(s) is self-employed, a year to date profit and loss statement is needed.
- Child support income or payment. Verification may be necessary.
- Gift letter. If any of the down payment and/or settlement charges are to be a gift, a signed gift letter is needed, which your loan officer will provide.
- Mortgage accounts. Within the past two (2) years, if the borrower(s) has or has had an existing mortgage, a loan number, name of lending institution and address are needed.
- If additional property is owned and currently leased, a recent copy of the lease signed by both parties may be necessary.
- Market value estimate of the aforementioned property is also necessary.
- Checking and savings accounts. Include the name, account number, approximate balance and current bank statements with all pages for the last 3 months.
- Stocks, bonds, CD's. Provide the market value per share, copies if to be used for down payment and/or settlement charges, name and complete address of the issuing company.
- The make, year, value and amount owed on your automobile.
- Retirement accounts. Provide value and all pages of most recent statement.
- Credit card and revolving accounts. Include account numbers, minimum monthly payments, approximate balances.
- Names and account numbers for all installment debt, approximate balance and monthly payments.
- Complete bankruptcy papers, including the discharge and a letter explaining the reason. On foreclosure, a copy of the sheriff's deed is required.
Please note, you may be asked to pay for a credit report upon signing the application. It is very important that you defer any new purchases involving time payments until after your new home closes - another purchase now might disqualify you.
