Loan Aps: What You Need-A Quick Checklist

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Real Estate

Hello & Welcome Back to #FabulousFriday!  It’s exciting — and a little scary — to think about buying your first home. Even when you know you’re ready to buy a house, you might not be sure where to begin. These tips for home buyers will help you navigate the loan application process:

Loan Aps: A Handy Checklist:

3 months’ bank statements on all accounts, including 401k

Copy of HUD1 Settlement Statement on recent sales of homes

Gift letter (for funds from family members); donor’s bank statement; copy of gift check; copy of deposit receipt

Landlord’s name, address, and phone number

Explanations for late payments; credit inquiries in the last 90 days; charge-offs; collections; judgments; liens

Copy of bankruptcy papers filed within the last seven years

Copy of Social Security Card and driver’s license

Last two years’ W2 forms

Most recent pay stubs covering a 30 day period

Federal tax returns (1040’s) for the last two years, if:

You are self-employed; earn regular income from capital gains; earn sizable interest income; earn more than 25% of your income from commissions or bonuses; own rental property; or you take non-reimbursed business expenses.

Year-to-Date Profit and Loss Statement (for self employed)

Corporate or Partnership tax returns (if you own more than 25% of a business)

Copy of purchase agreement (if you have already made an offer)

Receipt for child support payments

Copy of Divorce Settlement

As always, our friendly, knowledgeable Shaffer agents are here to answer any questions you might have.  Give us a call to begin finding your dream home today!  Warmly, Susan