How Prepared Are You To Get A Mortgage Loan on a Denver Metro Home?
by Brian Burke
on Tuesday, February 14th, 2012 at 7:05pm.
How Prepared Are You To Get A Mortgage Loan?
It is the same for FHA Home loans, Homepath Mortgages, FHA 203k loans,& Conventional Home loans
Discover the documents you will be required to provide.
A lot has changed in the mortgage industry over the last few years, especially what documents you need to provide to begin reviewing your loan file.The days of providing simple documents are pretty much long gone.Today you need to provide proof that you qualify for the loan.A 4506T which is a request for your tax transcripts from the IRS covering the last 2 years is done on everyone.This not only matches up your W2 earnings, but will also show any self-employment income or losses.
With that in mind, here’s a general list of documents, I tell all my clients to bring me:
·Last 2 years tax returns
·Last 2 years W2’s
·Last 2 Paystubs
·Last 2 bank-statements ALL PAGES
·Most recent retirement account statements ALL PAGES
·Photocopy of your driver’s license and social security card
If you intend on doing a refinance, in addition to the items above, you will also need:
·Current statements for all mortgage loans
·Proof that your last month’s mortgage payments were made with cancelled checks, bank statement or a verification of mortgage.
ODDS AND ENDS
If you’ve been through a divorce, you will need your divorce decree. If you have been through a bankruptcy, you will need the filing paperwork and discharge or completion.Be prepared that you may be requested to provide explanations for certain items such as credit inquiries or past delinquency.
Lastly, if you do have a part-time business in addition to being a W2’d employee, the 4506T will show that business.They will run your name through the state registry to verify the business.If you have a business, be prepared to provide2 years business tax returns.
If you have any questions or concerns, don’t hesitate to call me at 720-440-6513 or zap me back an email.Or if you would like a free no, obligation rate quote for an upcoming purchase or refinance, give me just 2 minutes of your time and I can have you numbers to you an email spreadsheet within 24 hours.
If you have any Questions contact, Brian Burke 303-710-2609
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Brian Burke | Broker | ePRO | Expert | 303.955.4220 Office | 303.710.2609 Direct | Brian@kennarealestate.com