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Here are some of the documents you may want to prepare
before you are to be pre-approved for a home loan. Your
Finance Home America Specialist can help you every
step of the way.
Salaried Employed Borrowers
- Two most current pay stubs for each borrower
- W-2 forms for the past two years
- Savings statements (credit union or bank statements,
stock account statements, money market account statements,
etc.) to verify down payment and reserves
- Asset verification (statements of saving accounts,
stock accounts, money market accounts, etc.)
Self-Employed Borrowers
- Two years of tax returns (signed) including all schedules
- Current business license
- Year-to-date profit and loss statement
- Asset verification (statements of saving accounts,
stock accounts, money market accounts, etc.)
- Well you have done your part, the application is complete,
and you have submitted your documentation.
Here is what happens to your application after it is
completed and submitted:
Salaried Employed Borrowers
- If you are not already pre-approved, an underwriter
will begin to pre-approve your application.
- If you are pre-approved, your file is then transferred
to a loan processor to verify that all documentation
needed to process the loan has been collected.
Appraisal:
- Classic will order a formal appraisal that estimates
the current value of the property.
Title:
- A title search and title insurance are required to
ensure that there are no other liens on the property.
Escrow:
- Escrow is an independent third party that administers
the disbursement of all funds and who executes the signing
of the documents. The seller usually chooses the escrow
company.
- Verifications of Employment, Verifications of Deposits
and Verifications of Mortgage/Rents will also be ordered
by Stearns at this time.
Once all documentation requested by the underwriter
is collected, your file is returned to the underwriter
for final approval.
The underwriter usually has no direct contact with
you but is the one who reviews all of your documentation
and makes the decision to approve or deny your loan.
You are then notified of the decision.
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