Purchase Needs List

 

_____2 Years Tax Returns AND W2’s

_____2 Months Bank Statements (all large deposits must be explained. Balances must be seasoned for 2 months)

_____1 Month Check stubs

_____State ID or Driver’s License

_____Copy of Social Security Card

_____Most Recent 401k Statement (Monthly or Quarterly)

_____Social Security/Disability/VA award letters

_____Certificate of Eligibility/DD214 (For VA only)

 

Additional:

_____Child Support Documents/Copy of Child support order /Divorce Decree

_____Minimum 3 Month repayment plan for tax liens and copy of agreement

_____Bankruptcy documentation (All Pages)

_____Insurance quote (or statement if refi)

 

 

What NOT to do when purchasing a home

Don’t

  • Change jobs in the middle of escrow – If you change jobs, you will need 1 full month worth of pay before we can close. This can your purchase
  • Quit your job – Even after your loan is fully approved.  You still must be gainfully employed at the time of closing.  The lender will verify that you are still employed with the same employer before we close
  • Deposit large amounts of unaccounted money in the bank – If you do not keep your money in the bank, you will need to have it sitting in the bank for 2 months before we can use it.  If you deposit large amounts of money, the lender will question it, and may not be able to use it for your down payment
  •  Make any large purchases on credit – Do not buy a car, furniture, or appliances. Wait until you close
  •  Bounce any checks or get any NSF fees – Lenders will look at this and inquire about your ability to pay your debts
  • Apply for any new credit – Even if it’s a small credit card, the lender will find out
  • Co-sign on a loan for anyone else – Although you are not the primary borrower, you are still responsible for the debt and it will go against your debt to income ratio

 

Remember

  • If you are getting a gift from someone, the donor must provide 1-month bank statement to show they have the ability to give it to you
  • You can not borrow the down payment or closing costs from any source other than 401k or other retirement
  • If you borrow from your 401k, you must provide a statement showing the current balance, and the balance after withdrawal
  • When shopping for home insurance, contact the company you currently use, they may offer multiple policy discounts
  • If you don’t have a copy of your social security card, we have a substitute form you can complete
  • Your ID/License cannot be expired