Purchase

Credit History

When you apply for a mortgage, we must access your credit report to know how credit worthy (or risky) you are as a borrower. Borrowers with high credit score are more likely to qualify for a larger loan, better loan options, and/or a more favorable interest rate . We’ll need your Social Security number and date of birth.

Your Property

• Copy of signed sales contract including all parties
• Verification of the deposit you placed on the home
• Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved
  Copy of Listing Sheet and legal description if available. You may also need to provide condominium declaration, by-laws and most recent budget, ....if the property is a condominium.

Proof of Income

To make sure that you are able to make your mortgage payments, we need to see proof that you have a source of income. Following documents are usually required:

• Copies of your pay-stubs for the most recent 30-day period and year-to-date
• Copies of your W-2 forms for the past two years – Your W-2 forms will help your lender verify that you are employed and will show your income ...history.
• Names and addresses of all employers for the last two years
• Letter explaining any gaps in employment in the past 2 years
• Work visa or green card (copy front & back)

If self-employed or receive commission or bonus, interest/dividends, or rental income:

• Provide complete tax returns for the last two years PLUS year-to-date Profit and Loss statement, * If you have filed an extension, please supply a ...copy of the extension.
• K-1’s for all partnerships and S-Corporations for the last two years
• Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda ...for the last two years. (Required only if your ownership position is 25% or greater.)

If you will use Alimony or Child Support to qualify

• Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year

Source of Funds and Down Payment

To qualify for a mortgage, you need to be able to show that you have some money for the closing costs. Acceptable sources of funds may come from:

• Sale of your existing home – provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold
• Savings, checking or money market funds – provide copies of bank statements for the last 3 months
• Stocks and bonds – provide copies of your statement from your broker or copies of certificates
• Gifts – provide Gift Affidavit and proof of receipt of funds
• Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation.

Copy of Your Earnest Money Deposit

The earnest money deposit is a deposit made by a buyer towards the down payment in evidence of good faith when the purchase agreement is signed. You may be asked to provide a copy of the earnest money deposit.

Copy of Homeowners Insurance

Homeowner’s insurance is used to verify that you’ll have sufficient coverage on the property when getting a mortgage. It covers any damages that may affect the home’s value.

Debt or Obligations

• Details of all current debts with copies of the last three monthly statements
• Details of mortgage holders and/or landlords for the last two years
• If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation