To insure that your home buying experience goes smoothly, it will be helpful to have the following paperwork ready to present to the lender. You may also need additional documentation but this is a good start.
Income verification-you must prove that you have a regular, reliable source of income. Pay stubs, bank account information, W-2 forms, 1099 forms if you are self employed and if you’re retired proof of Social Security income and an accounting of your retirement assets.
Tax transcripts-most mortgage applications require you to provide two years of tax transcripts, not the 1040 form you filed. A tax transcript is the record that gets created when the IRS processes your return. Visit www.irs.gov to obtain these documents.
Credit history-most lenders will run a credit check and will ask you about your credit card history along with any loans such as car and student loans. Have all this information ready including account numbers.
Proof that you pay your bills-lenders want to see how you handle your bills. Many times they will ask you to prove your payment history. If you’re currently a renter, you might need to supply up to a year’s worth of rent receipts, as well as the contact information for your landlord. They may also ask for utility bills, credit card statements, insurance payments and other recurring bill.
Down payment money-where did it come from? If not from your own savings, sometimes the money comes from a family member. If so, the lender needs to know if it is a gift or a loan. If it is a loan, it will be counted as a debt. If it is a gift, you will need a letter stating that the money does not need to be paid back.
Owning a home rather than renting is a great way for you to build wealth. If you are thinking of buying a home or purchasing an income property, Bradford Miller Law, P.C. can help you every step of the way. From buying, selling, renting and even helping you with a building code violation we are here to help with all your real estate needs at a very reasonable rate.
Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. Our website has information about our firm and helpful real estate information. To discuss your pending or potential real estate transaction call us at (312) 238-9298 for a Free 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
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