Okay, you've decided that you want to buy a home, and you're going to need to acquire a mortgage. You know that they are going to want documentation up front, and you're the type of person(s) who like to be prepared.
here you go for starters...you will need
2009 & 2010 tax returns-all schedules
2009 & 2010 W2's
your most recent 30 days of paystubs
your most recent 2 months of bank/asset statements-all pages
note; if your bank statement says there are 4 pages and the last page is a worksheet/scratchsheet, provide all pages. the underwriter doesn't know what's on the last page unless he/she has it in his/her hand
a copy of your drivers license
a copy of your social security card
Have a complete package together and be prepare to hand it to the loan originator at the application, or before if you're looking for a real preapproval.
Be a serious buyer...put this information together now.
Now be prepared for the fact that you are not done providing documents. Here's why
First, the documents you provide may foster questions and/or requests for additional documentation.
Second, other information acquired by the lender through other sources; verifications, credit reports, etc. may/will foster the request for additional documentation.
A word of advise here...this will help tremendously
When additional information is requested provide it asap. Do not delay. Your delay slows the process, and sometimes creates doubt in the mind of the underwriter.
no whining; just do it. You're asking for $50-60-70,000 or more; whatever. The lender will not give you this loan unless you provide what they ask for.
that's a fact.
In today's market the lenders want to be satisfied that you have sufficient income, assets, and credit history to justify the loan. If/when they are satisfied you can close on the loan and purchase the home. If they are not satisfied you will not close.
So, you've decided to purchase a home.
Get your lenders package together...now would be good.
provide additional documentation as requested
that's it!
Albuquerque Homes and Lifestyle Blog
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John McCormack Owner/Managing Broker, e-PRO
505-980-4576 / John@AlbuquerqueHomes.com
Search Albuquerque Homes For Sale * Search Albuquerque Homes & Lifestlye
If your considering Buying, Selling or Relocating to Albuquerque or Rio Rancho, NM and need a Professional Realtor It would be my pleasure to help you!
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