The biggest delay in processing a mortgage is collecting all of the documentation required. So when a buyer is beginning the home buying process, it is best for them to create a folder and gather up these documents as soon as possible. Some loan types don’t require all of these documents but it’s better to have them ready if they are needed.
1. W2’s or 1099’s for the past 2 years
2. 1 month’s current pay stub(s) or Disability/Pension/Retirement letter
3. Residence addresses for the past 2 years (start/end dates)
4. Names, addresses, and phone of each employer – past 2 years (start/end dates) – (Unofficial School Transcript if right out of school)
5. ALL PAGES of last 2 months bank statements for all checking, savings, mutual funds/401k’s, etc. (Must show account number, your name, & bank’s name on documents)
6. Green Card (if applicable)
7. Certificate of Eligibility (VA)
8. Last 2 years complete, signed Federal Tax Returns and all schedules. (Last 3 years if CHFA)
9. Copy of Divorce Decree (if applicable)
10. Fully Executed Purchase Agreement (The Contract) AND a Copy of deposit checks for purchase of home
11. Driver’s License (Front and Back)
12. Gift (if applicable): Bank Statement showing the donor has the funds available to give.
It’s all about organization. The more organized, the easier and less stressful the process is for your clients and therefore you as well. Let me know if you have any questions about this. I would be glad to help.
You will find Keith’s contact information HERE.