Buying a home involves many stages: finding a home, negotiating for the home, applying for a loan, completing the paper work, signing the purchase agreement, and moving in. Most home owners buy a home by availing a home loan that helps them purchase the property without furnishing the entire amount required upfront.
When applying for a home loan it helps and saves valuable time if you get all your documents in order. The following checklist will enable you to apply for a loan without any hitches.
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To apply for a home loan you will need to provide:
o Loan Information: This will entail disclosing what the purchase price of the house is; the amount of loan required; monthly homeowner's dues; amount of down payment or earnest money; details of the borrower/borrowers.
o Information on the property: location and type of property; proposed use ( primary residence; secondary home ;or investment property); detailed address and ownership details or property to be purchased.
o Personal information: name of single or multiple borrowers; social security numbers; education; martial status; address of present residence( if residing for less than two years then previous residential address too must be furnished); employment information along with tenure (employment covering two whole years); number of dependants with birth dates of each.
o Income details: All sources of income of borrower as well as co-borrowers; salary, income tax; bonuses; investments ; commissions; interest payments are more. Details of current expenses, borrowings, and other assets. You will need:
W2 forms for the last two years
Pay stubs covering a 30 day period
Federal tax returns (1040's) for the last two years, if: you are self-employed ; earn more
than 25% of your income from commissions or bonuses ;own rental property; or are in a career where you are likely to take non-reimbursed business expenses.
Year-to-Date Profit and Loss Statement (for self employed).
Corporate or partnership tax returns (if applicable).
Pension Award letter (for retired individuals).
Social Security Award letters (for those on Social Security).
Bank statements for previous two months (sometimes three) on all accounts. All pages.
Statements for two months on all stocks, mutual funds, bonds, etc, etc.
Copy of latest 401K statement (or other retirement assets).
Explanations for any large deposits and source of those funds.
Copy of HUD1 Settlement Statement on recent sales of homes.
Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed.
Gift letter (if some of the funds come as a gift from a family member). Gifts can also require: Verification of donor's ability to make the gift (bank statement) ; copy of the check used to make the gift ; copy of the deposit receipt showing the funds deposited into bank account or escrow.
Explanations for any of the following items which may appear on your credit report:
o Late payments
o Credit inquiries in the last 90 days
o Charge-offs
o Collections
o Judgments
o Liens
Copy of bankruptcy papers if you have filed bankruptcy within the last seven years.
Miscellaneous:
o Copy of purchase agreement (if you have already made an offer)
o To document receipt of child support (if you desire to show it as income)
o Copy of Divorce Settlement (to show the amount)
o Copies of twelve months canceled checks to document actual receipt of fund.
All details must be supported by documentary proof and filed neatly so that the information is easily accessible. Be organized and request the institution where you are applying for a loan to give you a list of documents required along with the loan application.
For quick loan approval fill all details accurately and honestly this will ensure faster completion of procedures.
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