Loan Aps: What You Need

Real Estate

Loan Aps: What You Need

We many be in the throes of a deep freeze here in the Ohio Valley, but no doubt the hot spring real estate market is just around the corner. If you are even just thinking about buying a new home, it's prudent to get your loan application paperwork in order now. And while the process may be cumbersome, it shouldn’t prevent you from following your dreams of home ownership. As a Hyde Park resident and Cincinnati-area real estate expert, I can guide you through the process, ensuring that you're able to find and buy the home of your dreams.

Now let’s gather our paperwork:

Asset items

l Previous three months’ bank statements on all accounts.

l Statements for two months on all stocks, mutual funds, bonds, etc.

l Copy of latest 401K statement or other retirement assets

l Explanations for any large deposits and source of those funds

l Copy of HUD1 Settlement Statement on recent sales of homes

l Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed

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

Credit items

l Landlord’s name, address, and phone number (if you rent - for verification of rental)

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

l Copy of bankruptcy papers filed within the last seven years

FHA loans

l Copy of Social Security Card l Copy of Driver’s license

Income items

l Last two years’ W2 forms

l Most recent pay stubs covering a 30 day period

l 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.

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

l Corporate or Partnership tax returns (if you own more than 25% of a business) l Pension Award letter l Social Security Award letters

Miscellaneous items

l Purchase agreement copy (if you’ve already made an offer)

l Receipt for child support payments l Copy of Divorce Settlement

l Copies of twelve months canceled checks to document actual receipt of funds

Refinances

l Copy of your most recent monthly mortgage bill

l The following cannot hurt to have ready, but are not as necessary as they once were: l Copy of Note on existing loan l Copy of HUD1 Settlement Statement on existing loan

VA loans

l Copy of DD214

Working with an experienced, qualified lender is essential in the home buying process. I have built relationships with trusted lenders and can assist you in finding the right one. Have questions about the mortgage application process? Call me at 513.702.3419 or email at angie.sexton@cbws.com.