Financing

Each lender has different requirements when processing a mortgage application as well as different costs. Speak with your lender or speak with several but the following is a list of probable requests that you should be prepared to supply:

• One month’s period original pay stubs with a year to date figure.
• Two (2) full years of work history, written with all dates and employers’ names and complete addresses (when you started the jobs and when you left).
• If self-employed, last 2 years’ personal tax returns, corporate/partnership returns along with year to date profit and loss statement.
• Photocopies of your driver’s license and social security cards. (If a resident alien, then a copy of your “green card”)
• Photocopies of your three (3) most recent months checking and savings account statements. If a passbook is involved, photocopy the name of the bank, account number and your name off the first page and then the most recent 3 months of transactions. (It is not necessary to copy the entire passbook).
• Personal assets, year model and value of cars, cash value of life insurance, stocks, bonds and values, value of furniture, jewelry, etc.
• All credit card numbers and addresses of where payments are sent. If you keep your most recent statements, a copy can be included for one month.
• All other loans, such as: car, student, boat, truck and personal. Photocopy of the payment coupon with the account number and mailing address. Also include the monthly payment and approximate remaining balance.
• If you are divorced, a photocopy of your divorce decree is necessary. If child support is paid or received, proof will be needed-the court order and copies of the checks.
• A photocopy of the multiple listing or data sheet of home being purchased.
• A copy of your signed sales contract and all addenda.
• Contract of sale on present home being sold, if applicable.
• Real estate owned, loan # addresses, balances and monthly payments.
• Verification of rental payment history, copies of your last 6 months of cancelled rent checks, front and back of the checks or the name and address of your landlord.
• CHFA Requirement: Last three [3] years Federal Income Tax Returns, signed. If you do not have your returns, call the IRS at 1-800-829-1040 and request an “Adjusted Gross Income Letter.” The information will arrive in 5 to 14 days. All you need is your social security number when you call.
• A Personal Check or Money Order to cover the cost of the credit report and appraisal.