Mortgage Documents | Obtaining a Home Mortgage

 

Mortgage Documents | Obtaining a Home Mortgage

 

Mortgage Documents | Obtaining a Home Mortgage.  Once a Borrower starts the Home buying Process they should

begin to put together the mortgage documents that will be required.  When I Pre-Approve my Borrowers, and they plan on purchasing a home soon, I go over a List Of Documents Required To Apply For A Mortgage.

 I feel that it would also be a practice for RI real estate agents to make the Buyer aware of the basic documents that are required when they meet with the Buyer as well.  Putting together the documents that will be required at the time of the Mortgage Application as soon as possible will avoid delays later, especially if the Borrower does not presently have them in their possession.

 

Not all Loan Programs require the same documents, but there is a group of basic documents that are required fore every Loan Program:

• One month of paystubs, or if retired or disable
  • Pension Award Letter & proof of receipt
  • Permanent Disability Award Letter & proof of receipt
  • Social Security Yearly Award Letter
• W2’s or 1099’s for the past two years
• Bank statements 1-3 months depending on the Loan Program (all pages)

As simple as these documents may seem to compile, there are many times when the Borrower does not have them.  For example there are Borrowers that do not keep their paystubs, or bank statements.  There are even Borrowers that do not keep a copy of their W2’s or Tax Returns, and it will take them time to obtain new copies.

  When the Borrower does not have these initial documents delays are created that could have been avoided if they had began to look for them early in the Homebuying Process.

There are other documents that are needed depending on the Loan Program such as:

 

• 2-3 years of Tax Returns which will be needed for
  • Self-Employed Borrowers
  • 1099 Income Borrowers
  • State Bonded Program Borrowers
• Veterans Certificate of Eligibility & DD 214 (VA Loans)
• Divorce Decree:
  • Proof of receipt of Alimony Payments
  • Proof of receipt of Child Support Payments
• Gift Money:
  • Copy of Gift Check
  • Proof of withdrawal (FHA Loans)
  • Proof of deposit
• 401K/IRA/Retirement Accounts
  • Quarterly Statement
  • Letter from Plan Administrator with proof of available funds for withdrawal
  • Terms of withdrawal
  • Copy of check for withdrawn funds when received
  • Proof of deposit.
• Bankruptcy documentation

There may still be other documents that some times are also needed, but these are the ones most common depending on the loan program that the Borrower is applying for.

If the Buyer/Borrower is made aware of the List Of Documents Required To Apply For A Mortgage by the RI Real Estate agents involved in the process early on, much of the stress can be eliminated later.  Just a little time spent in preparation and planning, can sometimes save many days, and weeks of delays once the Buyer/Borrower has found the home that they want to purchase.

 Mortgage Documents | Obtaining a Home Mortgage

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This is a guest blog post from my noted mortgage associate, George Soutu in Connecticut.  George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com.

Ginny Lacey Gorman is your go to waterfront Rhode Island real estate agent for real estate in RI and beyond…knowing the geographic area, schools, happenings and important tidbits of local information.  Email me at RiByTheBay@gmail.com to make an appointment to find the home of your dreams too!