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