Home Loan Checklist

     

     After you have received your prequalification letter, freeze your credit activity! The initial credit application that you fill out with your lender is not the final application.  The final application is signed at closing. If your financial condition changes during the period between the initial application and closing then those changes need to be addressed in the final application and loan is re-underwritten. A final credit report, called a “soft pull”, is required within 48 hours prior to closing to make sure there are no new inquires or accounts. Be prepared to offer explanation on any recent credit inquires.

     To ensure a smooth closing without delay, use the following checklist to have everything ready for your lender ahead of time.

• $450.00 For application fee (to cover appraisal). Credit card or debit card preferred.
• Current pay stub to cover a minimum of 30 days. (If you get paid weekly that means 5 pay stubs).

• Copy of past 2 years W2’s

• Most recent 2 years tax returns

• Copy of driver’s license.

• 2 Months of bank statements. All pages/all accounts. All large deposits other than payroll need to be explained. Document source of down payment.
• Latest statements of assets accounts. i.e. 401K retirement accounts and terms of Withdrawal

• Copy of the front and back of the earnest money check once it has cleared the buyer’s account along with an online account history tying back into the end of the last full bank statement provided.

• Copy of purchase contract.

• Name, address, phone number and email for current employer and prior employer with dates to cover a minimum period of two years of employment history.

• Current address and any prior addresses, with dates, as needed to cover two year history of residence. If renting Please provide landlord’s name and phone number.

• Choose your attorney and have contact information.

• Choose home owners insurance agent and have contact information.

• Copy of award letter verifying income, social security, retirement, etc.

• Copy of business license if self employed.

• For VA applicants please provide a Statement of Service from your admin shop (active duty) or Co DD-214 (non-active duty), a copy of orders and military id.

     For more information on obtaining a home mortgage loan, please contact Hope Dorn with ERA Wilder Realty to get started! (803) 944-9544.