Step | Task | Details | Webpage | Completed |
---|---|---|---|---|
1. | Proof of income | W-2 statements from the past two years, recent pay stubs, proof of any additional income | ||
2. | Proof of assets | Bank statements and investment account statements to confirm you have funds for the down payment and closing costs | ||
3. | Good credit | Confer with your Lender concerning obtaining a copy of your credit report | ||
4. | Employment verification | Lenders may call or require a letter from your employer to verify your employment and salary | ||
5. | Documentation of other real estate | If you own other properties, lenders may request information about those | ||
6. | Gift letter | If you’re using a gift from a family member or friend to help with the down payment, the lender will need a letter explaining that the money is a gift and not a loan | ||
7. | Renting history | If you’re currently renting, your lender may ask for your past rent payments history | ||
8. | Photo ID | A copy of a driver’s license or passport | ||
9. | Proof of homeowners insurance | Your lender will need a copy of your homeowners insurance policy to ensure their investment will be adequately protected | ||
10. | Title insurance | This protects the lender (and you) from any legal issues regarding the ownership of the property | ||
11. | Purchase agreement | The contract between you and the seller stating the purchase price and terms of the purchase |