Information on Purchasing a Home.
Purchasing a home with my help will be an easy and smooth journey. Contact me!
Purchasing Guide
• Select your realtor and lender (get pre-qualified and obtain loan and payment info). – Search for properties with my help.
• Prepare and make an offer.
• The offer requires a deposit. Could be an amount set by the seller or 1-3% of the value of the property
(it stays in escrow to cover closing costs or down payment at close of the transaction).
• Purchase agreement and deposit check are in escrow (deposited into a safe account).
• Escrow Negotiations.
During escrow negotiation, the following occurs:
• Physical inspection (cost aprox 350-500 USD) & Additional Inspections.
• Appraisal (cost aprox 450-700 USD) depending on the size of the property.
• Preliminary Title Report • Termite Inspection • Loan approval.
• Review disclosures, inspections and related documents (HOA information etc)
• Time frames are usually – 7 days tds – 17 days investigation – 21 days loan and appraisal.
• Escrow time is usually 30-45 or 60 days depending on the transaction and agreement.
Loan Requirements:
• Please consult with a Loan Officer to be pre-qualified.
Documentation often required by the lender:
If your income comes from a salary:
• Original W-2’s from the past two years
• Original paycheck stubs covering the past 60 days
If you are self employed:
• Tax forms for the past two years
• Your current account balance|
• Declarations of Gains and Losses from the beginning of the year
If you have income from other sources:
• Pensions, etc – Authorization letter
• Real Estate Properties – Tax forms for the past two years
• Rental contract
• Other – Any profit that you are receiving other sources of income.
Forms usually required by lender
• Verification of Rent – VOR: Is a verification with your landlord of how much you pay for rent and how long you had
been a tenant and if you paid on time every month.
• Verification of Deposit – (VOD): It is to verify that you have the funds for down payment and closing costs.
• Many banks require you to have reserves in your bank order to approve your loan.
Bank Statements Usually Required by Lenders:
• Past three months statements
• Bankruptcy papers if filed in the last 7 years
If you have co-borrowers who would like to be approved together with you for the loan:
• The name(s) of the co-borrower(s)
If you do not have a credit history, do not give up. Our home loan consultants will do everything possible to help you get a home loan bring:
• Gas and electricity payment receipts
• Telephone payment receipts
• Rent payments receipts
• Any evidence of regular and timely monthly payments you have made, including auto or life insurance payment receipts,
furniture or jewelry payment receipts, catalog purchase payments, or encyclopedia payments.
Obtain Your Credit Report Information on the three mayor credit report agencies:
Transunion
P. O. Box 390 Springfield, PA. 19064-0390
1(800) 916-8800
Equifax
P.O. Box 740241
Atlanta, GA. 30374
1(800) 685-5000
Experian
P.O. Box 2106
Allen, TX. 75002
1(800) 422-4879
Maintain your credit:
• Do not make any late payments
• Do not use or apply for new credit or loans without
consulting your lender.
• Any change could affect your loan & loan approval.
Lenders look for:
• High FICO scores
• 3 tradelines – 2 years
• At least 2 years of job reference