Dear Potential Home Buyer,
Hello, how are you? I am fine. I wanted to pass on this little tip to help ensure that you get the most from your initial loan application process. Here is the KEY....if you provide paperwork early you will save yourself, your Realtor, your lender, your family, your community and the world in general lots of stress and headaches. Do it for your country man!
Here is what you will need to solidify your loan approval and to give your lender the tools they need to find you that perfect loan for that perfect home.
FHA
- Current pay stubs with at least a 30 day history
- Last 2 years worth of w2's
- For self employed individuals or those with rental income on schedule E's only - Last 2 years tax returns and all 1099's, schedules and attachments
- Most recent 2 months worth of bank statements (all pages)
- Most recent quarterly investment statements such as 401k, IRA, Stocks, Bonds
- A Complete Application (This can be done in person, over the phone or over the internet)
- Student Loan deferment documentation ~ if applicable
- Proof of Child Support or Alimony Income ~ if applicable
- Copy of Bankruptcy paperwork ~ if applicable
VA
- Current pay stubs with at least a 30 day history or LES for Active Duty Personnel
- DD-214 for Veterans or "Statement of Service" for active duty personnel
- Certificate of Eligibility (we can order this for you)
- Last 2 years worth of W2's
- Most recent 2 months worth of bank statements (all pages)
- Most recent quarterly investment statements such as 401k, IRA, Stocks, Bonds
- A Complete Application (This can be done in person, over the phone or over the internet)
- Student Loan deferment documentation ~ if applicable
- Proof of Child Support or Alimony Income ~ if applicable
- Copy of Bankruptcy paperwork ~ if applicable
SC State Housing Loans
- Current pay stubs with at least a 30 day history
- Last 2 years worth of W2's
- You may be required to provide copies of your last 3 years worth of tax returns depending on which loan program and how much assistance you qualify for
- Most recent 2 months worth of bank statements (all pages)
- Most recent quarterly investment statements such as 401k, IRA, Stocks, Bonds
- A Complete Application
- Student Loan deferment documentation ~ if applicable
- Proof of Child Support or Alimony Income ~ if applicable
- Copy of Bankruptcy paperwork ~ if applicable
Conventional
- Current pay stubs with at least a 30 day history
- Last 2 years worth of W2's
- For self employed individuals or those with rental income on schedule E's only - Last 2 years tax returns and all 1099's, schedules and attachments
- Most recent 2 months worth of bank statements (all pages)
- Most recent quarterly investment statements such as 401k, IRA, Stocks, Bonds
- A Complete Application
You may be saying.."Boy, that sounds like alot of work! "But is it? If it saves you from loosing your earnest money deposit because you disclosed everything upfront....or it helps your lender place you in a great loan program such as South Carolina State Housing with$5,000 Down Payment Assistance. Isn't it worth it? No one likes last minute surprises so do your part and provide paperwork early in the process.
First Time Home Buyers have amazing opportunities today with tax credits and low home prices and truely professional Realtors and Lenders (that's all thats left now) ready to help you but that doesn't mean that we are skimping on the details. The more we know about you the better off you will be.
Oh, and by the way....we love you! Now get out there and buy a house gosh darn it!
Posted by Melissa Breeland on 02/18/2009 02:45 PM
Office Phone: (843) 725-6004
