| Do you dream of a place where you can escape | | | | 4. Copy of divorce decree/separation agreement |
| the demands of life? A place you can simply call | | | | court order stating the name of the recipient, |
| your own? Here are some tips to guide you if this | | | | duration of obligation, and the amount paid each |
| is your first time to buy a place you can call your | | | | month. |
| own - your home. | | | | 5. Savings, checking and money market account |
| Before you go to the bank | | | | statements for the last three months. |
| Review you credit history. Get a copy of your | | | | 6. Account numbers, monthly payment and |
| credit report from at least two different credit | | | | outstanding balance of all credit accounts. |
| reporting agencies. You then set up a personal | | | | 7. Addresses for the past two years (also names |
| budget and savings plan. Lenders like to see a | | | | and addresses of your landlords, if applicable). |
| consistent savings pattern. You also need to ask | | | | 8. For VA loans, you will need the original |
| yourself how much you can afford. To do this, go | | | | Certificate of Eligibility. |
| to a lender and get pre-qualified. Then determine | | | | 9. For FHA loans, bring photo identification and |
| if this will be a comfortable payment for you. | | | | your Social Security card. |
| Now you are ready for house hunting! | | | | 10. Bring a check for the application deposit. |
| You can do this with a realtor at no charge or on | | | | Your application will then go to a processor who |
| your own. Many realtors know what programs | | | | will order a credit report, verify the deposit, |
| Lenders are offering so ask for recommendations. | | | | employment, and any miscellaneous verification of |
| Seek out an attorney or ask people you know to | | | | credit as well as order an appraisal of the |
| recommend a good real estate attorney. Once | | | | property you plan to buy. The next step is the |
| you have found the house of your dreams, make | | | | Underwriting Department which conducts thorough |
| an offer and put down a deposit. Finally, once all | | | | analysis of your credit history, current financial |
| parties agree on the contract, have your | | | | obligations, income and employment, as well as |
| attorney review it. | | | | the quality of the appraised property. After the |
| The Mortgage Process Begins | | | | loan has been approved, you will receive a |
| Meet with an Originator who will take your | | | | commitment letter. This letter will outline any |
| application. You will need to bring the following | | | | conditions that must be satisfied before the |
| items with you; | | | | closing can be scheduled. |
| 1. A signed copy of your contract. Original pay | | | | Your attorney and the lender's attorney will then |
| stubs for the most recent thirty day period. | | | | schedule your closing appointment. At the closing, |
| 2. W-2's for the past two years. | | | | all documents are reviewed and signed, fees are |
| 3. Signed copies of your Federal Income Tax | | | | paid, and the title is transferred to you. You are |
| Returns for the past two years. | | | | now a homeowner! |