You’re ready to buy, now it’s time to gather the necessary paperwork! Just like you picked the RockStar Group to help you start looking at homes it’s important you pick a Loan Officer that is seasoned, is an effective communicator, and has the knowledge to help make the process a smooth one. To save time later, its important the Loan Officer gather the full documentation upfront to ensure a timely approval, and you, the borrower deliver on that checklist. An Expert Loan Officer will never ask for anything more than what is needed to qualify – so trust us! If you’re looking to purchase now or in the coming months this guide will help you start the process to getting a pre-approval letter. For any other additional questions contact Steve Head the “Mortgage Expert” President of Texas Premier Mortgage – Steve@txpremiermortgage.com – 281-627-4222
General information for all mortgage applications:
ü Pay stubs covering the last 30 days
ü W-2 forms for the last two years
ü Most Recent 2 months asset statement for the down payment funds
ü 2 Years Tax Returns and any Tax Extension for current year
Items to take into consideration when applying for a loan:
1. If you have declared bankruptcy in the last 7 years, provide a copy of the petition/decree, Schedule of Creditors and a copy of the discharge. Also include a letter of explanation on why you filed for bankruptcy, including short sales.
2. If you have been divorced, include a signed filed copy of all divorce decrees and any stipulation or modifications.
3. If child support payments are used as income, provide documentation of timely receipt.
4. If you have a gap of employment for more than 30 days in the past two years, please include a letter of explanation.
5. If you are selling your current home, include a copy of your signed HUD-1 Settlement Statement will be required before closing the new loan.
6. If you have rental property, include copies of your last two years Federal Tax returns.
7. If you are receiving a “gift” as part of your down payment, do not deposit the gift funds until you visit with me – we will provide a gift letter form.
8. If you are being relocated by your employer, please provide a copy of your company’s relocation policy.
If you are applying for a VA loan:
Ø VA Certificate of Eligibility
Ø Form DD-214 or, for in-service veterans, Statement of Service.
Ø Most recent Leave and Earnings Statement (in-service veterans only).
Self-employed or commissioned borrowers:
Ø Copies of your last two years personal and business federal signed income tax returns and all applicable schedules.
Ø Year To Date Profit and Loss Statement and Balance Sheet (self-employed only).
When you are getting ready to buy a home, do what you need to do to get your home loan ready.