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new home loans

New Home Loans

Most applicants for new home loans find themselves all at sea without an understanding of what they need to do and the documents they should carry. The chances of a fast approval of new home loans is much higher if you have all the requisite documentation:

For prequalification, you will need to provide your income, debt, and down payment amount.

When applying for a loan, you may need to provide:

- Copy of purchase sales contract

- Property information listing sheet

- W2 forms

- Pay stubs

- Employment history

- Social Security numbers

- Bank statements for checking and savings accounts

- Tax returns

- Stocks, bonds, and investment accounts

- IRA/Retirement plan

- Life insurance policies

- Automobiles owned

- Construction loan

- Gift Letters

- Other income

- If renting provide: Landlord's name, address, and phone number

- If self-employed provide: Profit and Loss Statement

- If student provide: School transcripts or diploma

If owner of rental properties provide: Signed Federal tax returns

In addition, if the real estate owned is:

- Currently rented - provide a copy of the current lease or rental agreement

- Listed for sale - provide a copy of the listing agreement

- Sold, but not closed - provide a copy of the sales contract and escrow number

- Sold, closed, and proceeds will be used for down payment - provide a copy of the HUD-1 Uniform Settlement Statement

Talk to a loan officer to see if you qualify for any of these affordable housing loan programs:

- Community Home Buyer's Program

- Mortgage Revenue Bond Authorities

- Guaranteed Rural Housing Loan

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