Lender Required Documents
When we recommend an Approved Down Payment Assistance Lender, they will need the following documents to Pre-Approve you for a Mortgage with Down Payment Assistance. It’s our suggestion that you send the lender, that we recommend, all your financial documents and let them evaluate your credit and financial profile BEFORE you start looking for a house.
The Lender would rather begin the process in this order, because you may have some issues that can successfully be addressed in a couple of weeks or months. If you start looking at homes before you're really Pre-approved, no doubt you’ll find a house you or your significant other will “absolutely have to have”. The only problem is this; you may not be able to get it financed until those issues are cleared up.
When you do find the house, you’ll be asked to spend money for an Earnest Money Deposit, an Appraisal, a Home Inspection and possibly a Survey. If the mortgage loan can’t close because you didn't follow the correct steps in the process, you could have lost your hard earned money on the Earnest Money, Home Inspection, Appraisal, and a Survey. It really is better to wait until you’re really ready by submitting these documents before you call a Realtor.1) Last 3 years FEDERAL (Not State) tax returns. They MUST be signed.
2) Last 45 days of paystubs
3) Last 60 days bank statements
4) Last quarterly Asset Statements (401K, IRA, Stocks, Bonds etc…)
5) If applicable: Divorce decree with any Child Support payments
6) If Applicable: Bankruptcy documents
7) If you’ve had a Foreclosure, you will be required to go to the County where the house was and obtain the Warranty Deed that shows when the property was sold out of your name.
8) If Applicable: If you are not a US Citizen, they will need a copy of your Work Visa or Resident Alien Card
9) If Applicable: Any Social Security Documents that prove income for self or dependents.
Please gather these documents because the Lenders will require them. We will provide you with a list of approved Down Payment Assistance Lenders for First Time Home Buyers and you can e-mail or fax the documents directly to them for review.
If you have any questions, please don’t hesitate calling. I look forward to speaking with you!
Licensed Real Estate Broker
Certified Mortgage Specialist
Mid Florida Realty