The Must-Have List for Purchasing a Home
By Nancy Massey
When you’re ready to buy a home, you’ll be happier if you are prepared when you meet with your lender. Post-recession, the lending process is a bit more tedious than it used to be for all buyers, regardless of income bracket and budget. I’ve compiled a list from the Virginia Association of Realtors of items you’ll need when applying for a loan.
Information You Will Need:
- Complete addresses for the past two years
- Names and addresses of landlords for the past two years (if you rented)
- Names and addresses of all employers for the past two years
- Explanations for any negative information on your credit report
- Explanations for any bank deposits other than your usual paycheck
- Names and addresses for anyone whose name will be on the title but not on the mortgage application
Documents You Will Need:
- Identification – driver’s license, social security card, passport
- Pay stubs from the past 30 days
- Federal tax returns from the past two years
- Statements for all checking, savings, investment, and retirement accounts from the last 60 days
- Evidence of mortgage and/or rental payments for the past two years
- Copy of earnest money deposit check
You May Also Need:
- HOA contact information for the property you plan to purchase
- If you are divorced – your divorce decree
- A Closing Statement/HUD 1 if you’ve recently sold a property
- A Petition and Discharge if you’ve filed bankruptcy
- Documentation of any income from child support or alimony
- Current year profit-and-loss statement if you are self-employed
Additionally, you can watch the video below from Marianne Washington and Robert Mitchell of Movement Mortgage, to hear first-hand sage from local lenders. Not only are Marianne and Robert exceptionally educated regarding the mortgage industry, but their team can easily close a loan in less than 30 days.
Nancy Massey is an Associate Broker at Nest Realty New River Valley. With thirteen moves and ten home purchases under her belt, she can sympathize and empathize with the rigors of buying and selling a home.