Whether it’s your first home or your retirement home, purchasing a new home is an exciting event in life. However; the always-evolving lending regulations can make the mortgage process seem overwhelming. Our team of experienced loan originators and dedicated staff will work with you, your REALTOR, title agency personnel, your home owner’s insurance agent, and any other related entities, to coordinate a smooth purchase transaction. From initial pre-qualification and throughout the entire loan process, you can count on being kept informed and feel confident working with the team at New Executive Mortgage LLC.
Documentation Needed for Formal Loan Application:
The following information is needed for a licensed loan officer to determine which program will be best for you and what home price range will meet your budget.
To run credit: Full legal name, home address, social security number, date of birth for all borrowers. Credit scores and also number of open accounts paid on time for 12 months or more, are analyzed to determine creditworthiness. Bankruptcy, divorce, etc. documentation may be needed as well, if applicable.
For income analysis: Most recent 30 days- worth of pay stubs, 2 years most recent Federal Income Tax Returns (1040’s) and all W-2’s.
For Social Security or other benefits- annual award letter, proof of direct deposit to bank/credit union account.
Income must be determined to be stable and to continue for at least 3 more years. Overtime, commission, seasonal, part time and/or 2nd job income may be considered if stability and continuance can be verified.
To document funds to close: 60 days most recent statements or print out from bank/credit union. Please note: It is very important that your lender can document the source of all of the funds to close, including the deposit given to your REALTOR.
Additional documents as needed: Divorce Decree; Child Support Order; Bankruptcy Petition with all schedules and Discharge of Bankruptcy form; for VA loans- DD214 or Certificate of Eligibility.
Looking to crunch some numbers? Use our loan calculation tools to research different options.
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Contact us today to get you started down that road to your new home.