A Checklist for New Home Buyers

Posted by:  Service First
2017-05-03 12:13:52

It's home buying season, and it's time to get fully prepared for the home buying process. As a home buyer, you should understand the process of buying a home and knowing how much house you can afford. 

Buying a home is a huge investment and you want to make sure you are making the right decisions up to closing time. The first major step to the home buying process is understanding the "Home Buying Checklist" and what it entails. It is important to sit down and read through the home buying checklist to fully understand what is needed. When you are fully prepared and have all of your "required" documents, the lender is able to process your paperwork a lot sooner.

 

So what is the "Home Buying Checklist? How will this help you? For your convenience, we have provided the checklist below of items that may be requested during your loan application process. Having a home buying checklist, will make the process seem less stressful and far more enjoyable. Checking off each item will help you be more organized with the current items you have left on the list. 

 

Purchase Contract and Property Information

  • Copy of completed sales contract, executed by all parties
  • Contact information for access to the property

Refinance

  • Copy of Note and Deed on home being refinanced

Personal Information

  • Social Security Card
  • Driver’s License
  • Address for last two years
  • Current housing expense
  • Name and address of landlord/mortgage holder

Employment History and Income

Salaried Borrower

  • Two years of employment history with address and phone
  • Recent 30 days’ worth of paystubs
  • W2 forms for the last two years
  • Tax returns for the last two years if you have any commission income or write off any unreimbursed expenses

Self Employed Borrower

  • Last two years tax returns
  • Corporate returns may be required for some borrowers
  • Current P&L statement

Other Income

  • Proof of other income – awards letter for Social Security, retirement, pension, etc.

Assets

  • Current 2 months bank statements
  • If needed, 401k statement showing vested amount

Liabilities and Debts

  • Written explanation of any past credit problems
  • Full details of any bankruptcy in last 7 years, plus documentation
  • Tax and insurance information for any land or other property owned

Additional Items Needed

  • Copy of divorce decree or child support order, if applicable
  • VA Loans – Certificate of Eligibility
  • VA Loans – Copy of your DD214

Need help with understanding the items above? No worries! Contact one of our loan professionals to help walk you through the homebuying checklist. 

 

Let us show you why it's easier here at Service First. 

Categories:   tips


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