When you contact us about getting a mortgage – we are probably going to talk on the phone for 20 or 30 minutes. Then, you might opt to come in to talk with us, and go over all of the details about buying a house. Here’s a checklist of items we will likely need to complete your Mortgage Loan Application package.
To be clear, you don’t HAVE to come in and meet with us. We do mortgages with folks all over the state – and sometimes, we don’t actually meet our clients at all.
Often times, clients will take images of the mortgage documents we need with their smart phone. That’s fine – as long as they are good quality. This is important even with documents like your Driver’s License. You can text them to us at 919 649 5058 – but we ask that you call and let us know they are there.
Mortgage Documents like that go into a separate folder on our phone. Additionally, if you text us information – PLEASE add your name, as we don’t always know who “just paid off my car!” is… we are closing 25 or 30 loans a month!
7 Things First Time Home Buyers in NC Should Know!
ALSO – remember that we might need UPDATED documents, because pay-stubs (for instance) are only “good” for 90 days. If you are applying for a USDA Home Loan Mortgage – the USDA Underwriting process is currently close to 45 days. If you talk to us in July – and give us your documents… then buy a house in August, and then ultimately close in October – we will probably need to get updated documents.
I’m saying all of this as a TIP. I strongly suggest that as you go through the Mortgage Loan Process, you consider keeping a folder somewhere that is easy to access. As you get new bank statements, Portfolio statements, pay-stubs – etc., keep them in the folder. That way, if it gets to be the week before closing, and the Underwriter all of a sudden asks for updated statements, it will not be a hassle to get them to us 🙂
We will work HARD to make certain that you don’t make the costly mistakes we see other Home Buyers in NC make!
Mortgage Loan Application Checklist
| In general, the documentation you will need includes: | |||||||||||||
| Check for application fee | |||||||||||||
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| Property Information (if you already have a contract on a house) | |||||||||||||
| Purchase Agreement. | |||||||||||||
| Copy of legal description and MLS sheet. | |||||||||||||
| If you are selling your current home, copy of listing contract. | |||||||||||||
| If you have sold your current home, copy of settlement statement (HUD-1). | |||||||||||||
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Income & Assets |
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| Pay stubs for the last 30 days. | |||||||||||||
| For the past two years: | |||||||||||||
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| Statements for each bank, mutual fund, and/or investment account for the last three months. | |||||||||||||
| Estimated value of personal property and furniture. | |||||||||||||
| If you have made any large deposits to your accounts: | |||||||||||||
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| If you own more than 25% of a business: | |||||||||||||
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| If self-employed: | |||||||||||||
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| If you own rental property: | |||||||||||||
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| If you are retired: | |||||||||||||
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| If you receive Social Security: | |||||||||||||
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| If you are counting child support as income: | |||||||||||||
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Debts |
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| Names, addresses, account numbers, balances and monthly payments on all current loans. | |||||||||||||
| Explanation of credit report anomalies, including: | |||||||||||||
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VA Loans |
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| Copy of DD Form 214, Report of Separation. | |||||||||||||
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Miscellaneous |
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| Photo ID and proof of Social Security number. | |||||||||||||
| Residence addresses for the past two years. | |||||||||||||
| If applicable, a copy of your divorce decree. | |||||||||||||
| If you are not a citizen, a copy of the front and back of your green card. | |||||||||||||
Question: How Much Money Do I Need To Buy A Home in NC?
We’ve helped folks buy homes with as little as $500. Nice homes.
The truth is that there are many great programs for folks who want to buy a home in NC and don’t have a ton of Cash. All of these loan programs allow the Seller to pay your closing costs, and we can help you and your Real Estate Agent structure the contract to include Seller Paid Costs.
Additionally, Steve and I almost never quote the best mortgage rates with an Origination fee. We do our best to give you a mortgage closing cost scenario that requires very little of your hard-earned cash. If you have extra cash – and you want a lower rate with higher fees, we will gladly quote that option too.
Remember that every rent check you write, builds up the Equity Bank Account for someone else. You are paying for something you will never own. With mortgage rates at all time lows – in most cases, Buying a home is more Affordable than Renting!
If you want more information about First Time Home Buyer Loans in NC – please call Steve and Eleanor Thorne, 919-649-5058. We are Mortgage Lenders in the Raleigh NC area – and we specialize in First Time Home Buyer Loans / mortgage loans across our great State!
You wrote that self-employed borrowers need THREE years of tax returns w/ schedules. I thought only TWO years were required. Has this changed?
Michelle! Nice Catch! No – 2 years of tax returns will be all we will need to show an Underwriter, in some cases, we only need 12 months! We ask for 3 years, because in some cases (depending on the time of year that we are submitting the loan), an underwriter might ask for IRS transcripts going further back. It’s better for us to know exactly what we are working with as early as possible in the process :0) Thanks for asking the question – I’ll try to write a post soon giving more information about Self Employed Borrowers.
Ok, thank you.
How much is the application fee?
When you’ve determined the property you want to buy, we collect the Appraisal fee, which can be called an Application Fee. There’s no “fee” to apply for a mortgage with us!