Name and address of employer(s) for the past two years Most recent payroll stubs showing year-to-date information covering the latest 30-day period. Social Security or retirement income verifications. Residence addresses for past two years Name, address and telephone number of landlord(s) for the past two years. Lender’s name, address and account number on your present home.
Proof of disposition of present home by providing either a listing contract, offer and acceptance,or closing statement (HUD 1).
List of all debts-for each including:
Last three statements for each bank account reflecting the:
Copy of I.D. with photo (driver’s license, etc.)
Copy of Social Security card, DD Form 214 or Certificate of Eligibility (VA loan)
Divorce decree and copy of child support registry, Tax returns for previous two years, Application fee for appraisal and credit report, W2s for previous two years.
Owner, Seller or Agent Should Bring:
Real estate contract (offer and acceptance), Verified copy of legal description (deed-abstract), Correct address of property (even if rural), Current taxes and a hazard insurance quote, Lot size and date home was built, Address and telephone number of seller, Name and telephone number of occupant, Key- if house is vacant, Abstract location or copy of recent title policy, Present lender, account number and loan type.
How to determine if you are considered to be self-employed:
1.You are considered to be self-employed if no Federal withholding tax is deducted from your earnings.
2.If you are the principal stockholder in a corporation or a partner in a legal partnership, you are considered to be self-employed, even if you are drawing a salary.
You should bring:
The past three years signed personal tax returns, Year to date profit and loss statement, Current balance sheet (financial statement). If you are a principal stockholder in a corporation or a partner in a partnership, you should bring:
The past three years tax returns for the corporation or partnership reports
Corporation profit and loss statement – year to date
Copy of corporation minutes authorizing salary
Remember these special requirements:
All tax returns must be signed by the taxpayer All balance sheets, profit, and loss statements, and other financial documents must be signed by the borrower All financial data must be in detail, itemizing the individual liabilities, expenses, and income sources
When calculating your income to payment ratios:
1.Real estate depreciation can be added back to your income
2.Equipment depreciation can not be added back to income
Conventional, FHA or VA Appraisals for proposed construction require:
Two Sets of plans including:
Floor plan including measurements
Cross Section footing, foundation, walls and attic
Truss detail with architect’s stamp
Heat duct layout with register size
Plot plan, including:
Existing elevations on corners of lot
Show all walks, drives, and dwelling
Finish floor elevation noted
Location of well and septic tank
Full legal description
All lot dimensions shown
On FHA Form 1852 dated 7/76–description of materials
Model and make of all
Must be signed by builder and buyer
Should be well coordinated with the plans
Manual “J’s” (heat loss calculation)
Department of Health approval on proposed septic and well
Detailed contract between buyer and builder
Complete cost breakdown