Required Documentation |
In the processing of your loan, the lender is likely to request some of the documents listed below. Please make arrangements to get this information to us as soon as possible in order to insure a smooth and on time closing.
Depending on your particular situation, you may be asked for additional documentation not listed below. As usual consult your Buyer's Choice representative for more details.
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| ALL PURCHASE TRANSACTIONS | | If Your Currently Own Real Estate |
- Signed SALES CONTRACT - (Including all addendums)
- EARNEST MONEY RECEIPT
(Down Payment) - Realtor's MLS LISTING of property
- Photo I.D.
- Homeowner's Insurance Agent and Phone Number
| | - Name and Address of current mortgage lender, account number
If the real estate you own is
- Currently Rented -Copy of lease or rental agreement
- Listed for Sale -Copy of Listing Agreement
- Sold, but not Closed - Copy of the Sales Contract
- Sold, Closed and Proceeds from Sale will be Used for the Down Payment - Copy of of HUD 1 Uniform Settlement Statement.
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| W-2 INCOME DOCUMENTATION | |
- Last 30 DAYS PAY STUBS for each borrower, showing year-to-date information, and copies of W-2 forms for the last 2 years
- Originals or copies of AWARD LETTERS
(Social Security, Disability and/or Retirement) - Last 2 Years Federal Tax Returns
Including all schedules | |
| STATED INCOME DOCUMENTATION | | If You Currently Rent |
- Last 2 Years Federal Tax Returns
Including all schedules - Year-to-Date Profit/Loss Statement
| | - Landlord's Name, Address and Phone Number for last 2 years.
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| CREDIT VERIFICATION DOCUMENTS | | If You Are Buying a Condo |
- Copies of LAST 3 STATEMENTS for each Checking, Savings and Investment Account (include all new or recently closed) showing Name, Address of Institutions. Include all CD's, Money Market, IRA, Retirement accts.)
- Credit Information-For each open account
- Creditor Name and Address
- Account Number
- Payment Amount
- Current Balance
- Date Paid in Full and Copy of Statement with $0.00 balance if paid off in last 30 days.
| | - Name and phone number of the management company or homeowner's association representative
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| If you are Divorced |
| - Copy of Recorded Divorce Decree
- Proof of receipt of alimony or child support payment for past 12 months ( cancelled checks, bank statement or history of payment from Cleark of Court) and proof it will continue for at least 3 years.
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| If you have declared Bankruptcy |
| - Copy of Recorded Discharge Papers and all schedules
- Release of Judgements
- Written Explanation for any account which has been 30 days or more delinquent since bankruptcy was discharged.
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