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A home is the largest purchase you will ever make, and it usually requires that you take out a mortgage loan to pay for it. To qualify for a mortgage, you'll need to show that you have:

  • A continuing and reliable source of income prior to applying for the loan;
  • A credit history that shows you're ready for homeownership;
  • A total amount of debt that is manageable;
  • The current ability to take on the costs associated with homeownership; and
  • Money saved for a down payment and closing costs.

Meeting with Your Mortgage Lender

Michelle recommends that you bring the following information to your first meeting with your mortgage lender:

  • A fully executed sales contract with all addenda, a copy of the listing agreement, and the house location survey.
  • If you're selling your current home, you'll need to provide a copy of listing agreement and sales contract (if available). If you have already sold your home, you'll need to provide a copy of the HUD-1 Settlement Statement.
  • If you're renting, be able to provide the name, address, and phone number of your landlord.
  • Current month's pay stubs (2 most recent if paid bi-weekly or twice per month) and all W-2s for the past two years for all borrowers on the loan. If you're paid on commission, you'll need to provide complete federal tax returns for the last two years. If self-employed, two years complete Federal tax returns, year-to-date profit / loss statement and a current balance sheet.
  • Copies of bank statements covering three most recent months of activity on all checking and savings accounts, mutual funds, IRAs, 401K plan, CDs etc.
  • If using stocks or savings bonds as source of down payment, you'll need to provide the most recent statement or a copy of the security.
  • If relying on non-employment income for your loan (e.g., retirement, interest, rent, etc.), you'll need to provide complete Federal tax returns for the last two years.
  • If you own rental property, bring copies of leases.
  • A copy of your car title, if the car is less than five years old and owned free and clear.
  • If you're applying for a VA loan, bring the Certificate of Eligibility
  • Bring your driver's license and Social Security Card.
  • Condo documents if the property you're purchasing is a condo.
  • If you're divorced or separated, a copy of separation agreement and divorce decree.
  • A check to pay for appraisal and credit report. This amount varies according to the type of loan and number or borrowers, and the lender will let you know how much this will be.

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Michelle Buckman Real Estate

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