Home Loan Checklist
Buying a home can be expensive. Especially if you’re a homebuyer making the decision to purchase your first home, you likely won’t have all the money you need to make the purchase. Of course, you’ll need a home loan in order to see your purchase through. Before you start the process to obtain an FHA home loan, in particular, you will need to be prepared to provide some information to your lender. It’s best to start making copies of these items now so you can cross them off as you go.
Home Loan Checklist Includes:
- The address of where you have lived for the past two years, some lenders will ask for residences going back several years
- Your Social Security number and the Social Security number of all signing parties and co-signers
- The names and location of your employers for the past two years
- The monthly salary you make at your current job, generally in the form of paycheck stubs for the last months
- Information for your savings and checking accounts. Lenders usually request your account numbers and balances for any checking, savings, or money market accounts to verify your cash reserves. (Contact your bank for more information on this)
- Information about any open loans you already have
- Information about any other real estate properties you currently own
- The approximate value of all your personal property*
- For veterans only: Certificate of Eligibility and DD-214
- Current paycheck stubs and your W-2 forms for the past two years
- Personal tax returns for the past two years
- A statement of your current income or business balance sheets, if you’re self-employed or a freelancer
This list is not exhaustive. You may have to provide additional items that are not listed above, depending on your financial situation. Your lender should give you a more detailed list of required documentation.
In addition, please be aware that you will need to pay for both a credit report and appraisal of the property. Although taking out a home loan will affect your financial future by nearly always requiring a re-configuration of your budget, it will provide a way for you to responsibly and happily enjoy your new home for years to come!
Contact David Jacobson For More Home Loan Information
For more information about how to go about obtaining everything needed on your home loan checklist, call David Jacobson – OakStar Bank at 417-830-7300 today.