How to apply for a mortgage first time home buyer

Loan Application: Check List

Below you will find some tips to make the process of applying for a home loan easy and quick. We have also included a list of the different items you might need. This list is only an approximation and it may change depending on your specific case and on the lender you are using.

Make a list of all the questions you have about the loan and about the process.
Contact your prospective lender and get a proposal. You might want to contact more than one. We can help you get in touch with one or more providers.
Understand the different loan programs available for you and the advantages and disadvantages each of them offer.
Gather the documents you will need to complete the process.

Documentation:

Income
W2 forms for the past two years
- Pay stubs covering the last 30 days.
- If you own more than 25% of the business
  - Corporate or Partnership tax returns
- If you are self employed
  - Year-to-Date Profit and Loss Statement
  - Tax returns (1040’s) for the last two (maybe three) years
- If you are retired
  - Pension Award letter
- If you receive Social Security
  - Social Security Award letters
- If you receive child support
  - Copy of past twelve months of cancelled child support checks
  - Copy of the divorce settlement
Assets
- Bank statements for past three months
- Investment statements for the last three months (stocks, bonds, mutual funds, etc)
- Explanation and source for any large deposits and source of those funds
- Gifts may require additional documentation such as a gift letter, copy of the gift check, and copy of the deposit receipt
Miscellaneous
- Copy of purchase agreement (if you made an offer)
- Copy of listing contract (If you are selling your current home)
- Photo ID
- Proof of Social Security number
- Copy of the front and back of your green card (if applicable)
- If your credit report has any anomalies, include explanation for them
- Copy of bankruptcy papers (if applicable)
- Application fee (if applicable)

Do you need to get a loan and do not know where to go? Let us know! We can help you get one or more loan Quotes!