Buyers beware, Check to see if you are qualified before you start the buying process.
If you are a Denver Home buyer looking to take advantage of the low rates and buy a home for less than you can rent a much smaller home and still get tax befifits (ask your accountant)
Getting a loan is not what it used to be. Today the Underwriters will go through your file like detectives. You must have to ask yourself, How Prepared Am I To Get A Mortgage Loan?
In the years past you may have been fine but in todays mortgage world the Banks are changing the rules all the time. You will need all of the pieces of the puzzle and may now be missing one piece.
Discover the documents you will be required to provide. These may not be all, but it is a start.
A lot has changed in the mortgage industry over the last few years, (months and weeks even) 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 Buyers to bring to you Lender at the first visit:
· 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 303-955-4220 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 with some Lender that may help you within 24
In the meantime you can find all available home for sale at Kenna Real Estate